Skip to content
Home » News » New York State » Consumer sentiment rising in New York despite economic concerns

Consumer sentiment rising in New York despite economic concerns

  • / Updated:
  • Staff Report 

As inflation continues to make headlines and concerns of a potential economic downturn loom, a recent Siena College Research Institute survey has found that New Yorkers are feeling slightly more optimistic about the economy compared to the end of 2022.

According to the findings, New York’s overall consumer sentiment sits 13 points above the national index of 62. The current index in the state increased by over 3 points to 70.1, while the future index rose by over 2 points. This data suggests that New Yorkers are more hopeful about economic prospects than the rest of the United States.

Despite the increased optimism, inflation remains a significant concern for consumers, particularly regarding the cost of groceries and gas. The survey reveals a divide in perception, with Democratic voters and New York City residents experiencing increased optimism, while upstate residents, Republicans, and individuals over 55 years of age report little change in confidence about the economy.

“Overall, New York’s index, both an assessment of current conditions and most especially future expectations, outpaces national sentiment,” Don Levy, the Siena College Research Institute’s director said. He notes that while concerns about gasoline prices have decreased, they remain well above pandemic lows, and the impact of food prices on budgets has reached its highest level in 14 years.

In the survey, 63% of New Yorkers report that the current price of gasoline has had a serious or somewhat serious effect on their financial condition, while a staggering 81% believe the cost of groceries has similarly impacted their personal finances. This is consistent with findings from June 2022, when 80% of New Yorkers reported that grocery expenses were taking a toll on their wallets.

The poll, conducted from March 6 to March, surveyed 406 New York adults and has a margin of error of 3.9 percentage points.

Categories: New York StateNews