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New Yorkers’ consumer sentiment and economic outlook have decreased slightly from earlier this year, but still remain higher than the nation’s average, a new poll found.
Siena College Research Institute released a poll Thursday that examines consumer sentiment, residents’ economic outlook and economic cost concerns. Consumer sentiment measures how optimistic consumers feel about their finances and the economy. The poll found consumer sentiment in New York stands at 73.5, down 1.5 points from the first quarter of this year, but still remains 9.1 points higher than the national index of 64.4.
The poll found a major dichotomy of consumer sentiment between upstate and the New York City area.
“New York City area consumers are more optimistic than pessimistic, exceed the national score by nearly 16 points and the NYC index is nearly 18 points higher than Upstate,” Siena College Research Director Don Levy said in a statement. “Democrats’ index is over 10 points higher than the city and a whopping 32 points above Republicans across the state. Geography and politics matter when it comes to New Yorkers’ economic outlook.”
It also found 62% of those polled say that current gasoline prices are having a very serious to somewhat serious impact on their financial condition, down one percent from the first quarter of this year. As of Thursday, the average price for gas in the Capital Region was $3.68, down from $4.88 a year ago, according to the American Automobile Association.
Additionally, the cost of food and gas continues to be at least somewhat of a concern to 79% of New Yorkers polled but is a slight decrease from earlier this year. The poll shows concern over food and gas costs have risen steadily since the spring of 2020, shortly after the COVID-19 pandemic started when only about 25% considered the cost of gas a concern and about 50% of those polled were concerned about the cost of gas.
Outside of electronics, New Yorkers polled also are planning to spend less. Buying plans are down in most categories from last quarter. Buying plans for homes saw the largest decrease, from 17.1% in the first quarter, to 12.6%.
“Despite declines in current demand for homes and home improvements, those buying plans as well as those for cars, electronics and furniture are all up between 2 and nine points from this time last year,” Levy said in a statement.
Housing affordability has become a major crisis in New York. According to the U.S. Census Bureau, New York has the lowest homeownership rates in the country, at 54.2%. The nation’s average stands at 66%.
Housing affordability was a major issue throughout this year’s Legislative session and Gov. Kathy Hochul in January unveiled an ambitious housing plan to build 800,000 new homes over the next 10 years. However, the plan failed to make it into this year’s state budget after negotiations dragged on and ultimately made the state budget one month late. Following the budget, state lawmakers had little appetite to take up any big issues before adjourning for the year in June.
The poll was conducted from June 4-12 among 802 state residents. Of that amount, 382 were contacted through either their landlines or cell phone and 420 were polled online.
