LOUDONVILLE, New York (WWNY) – New Yorkers are more confident in the future of their finances than the rest of the country.
That’s according to a recent poll on the state’s consumer confidence from the Siena College Research Institute.
Consumer sentiment for New Yorkers is just under 80, compared with a national sentiment of 77.4.
Even though the consumer sentiment index is up nearly three points from last quarter, New Yorkers are a little less confident about the here and now than the rest of the nation. New Yorkers’ consumer sentiment about current factors is 72.4 compared with 82.5 nationally.
Overall sentiment is 76.9 for New Yorkers and 79.4 for the nation.
“Consumer sentiment is gaining upward momentum,” SCRI director Don Levy says. “Nationally the index, up 9.7 points this quarter, stands 28 points higher than at this time last year. In New York, the index is up 2.8 points this quarter and 14.5 points higher than a year ago.”
National numbers are above the breakeven point of balanced optimism and pessimism for the first time in three years. While in New York the current score remains below breakeven, New Yorkers top the nation in future optimism.
High prices in grocery stores continue to affect more than 75% of state residents. While gas pump price shock is the lowest seen in three years, a majority also see housing and utility costs seriously affecting their finances, Levy said.
Here are other takeaways from the survey:
– In the first quarter of 2024, buying plans were down for cars and trucks at 19.7% (from 22.9%). Buying plans were up for consumer electronics at 47.9% (from 45.4%), for furniture at 29.8% (from 26.8%), for homes at 8.3% (from 6.4%) and up slightly for major home improvements at 22.7% (from 22.2%).
– Fifty percent (down from 55% last quarter and the lowest since March 2021) of all New Yorkers say that current gasoline prices are having a very serious or somewhat serious impact on their financial condition.
– Seventy-seven percent (up from 75% last quarter) of state residents indicate that the amount of money they spend on groceries is having either a very serious or somewhat serious impact on their finances.
– Seven in ten (67%) New Yorkers say that housing costs are having a very serious or somewhat serious impact on their financial condition.
– Sixty percent of residents say that their utility costs are having at least a somewhat serious impact on their finances.
– The cost of cell phones (29%) and entertainment services including internet, cable and streaming services (45%) are having a very or somewhat serious impact on New Yorkers’ financial condition.