LOUDONVILLE, N.Y. (NEWS10) — According to the latest poll by the Siena College Research Institute (SCRI), the New York State Index of Consumer Sentiment stands at 75.0, up 2.7 points from the last measurement in the fourth quarter of 2022. New York’s overall Index of Consumer Sentiment is 13.0 points above the nation’s index of 62.0.
The current index increased over 3 points to 70.1 and the future index increased just over 2 points resulting in New York’s measure of future expectations moving from 75.9 last quarter to 78.1 today, according to SCRI. SCRI also says that future confidence in New York is over three points above the breakeven point of balanced optimism and pessimism and 18.9 points higher than national future confidence.
SCRI says buying plans were up from the 2022 fourth quarter measurement for homes at 17.1%, from 11.5%. For cars/trucks, it was up to 28.2% from 25.5%, up to 30.8% for furniture from 28.4%, 28% for major home improvements from 26.1%, and up to 45% from 44.8% for consumer electronics.
“Driven by increasing optimism among New York City residents, younger New Yorkers, Democrats, and men, consumer sentiment was up this quarter reaching its highest level since June ’21,” said Don Levy, SCRI’s director. But many, including Upstaters, Republicans, those over 55, and women saw little or no gain in confidence, and they continue to express far more pessimism than optimism. Overall, New York’s index, both an assessment of current conditions and most especially future expectations outpace national sentiment. Gasoline price worries have
lessened but remain well above early pandemic lows while food price impact on budgets is now at 81 percent, the highest we have seen in 14 years of tracking this measurement. Still, expect spring spending to be strong as all buying plans are up with nearly 40 percent of residents expecting their financial condition to improve over the next year and nearly a third saying that now is a good time to purchase major consumer goods.”