Survey: New York Consumers Ready to Spend More Than the National Average
A new poll from Siena Research Institute New York's consumer sentiment is 13 points above the national average but still lagging behind pre-pandemic levels.
According to the poll, New York State's "index of Consumer Sentiment" 72.3, almost 13 points above the national average. Throughout the state, the New York City metro area's sentiment was at 76.6% compared to 65.5% in the rest of the state.
Throughout the fourth quarter of 2022, consumers said they planned to buy more vehicles than during the previous quarter. Comparatively, those polled said they planned to spend less than they did the previous quarter on household items such as improvements, furniture, and electronics.
“Lingering inflation, food prices, and political uncertainty may explain New York's current sentiment measurement remaining over 20 points lower than the pre-pandemic level," said Don Levy, Siena Research Institute Director.
According to the poll, democrats, earners of more than $100,000, and those under 55 years old were the most optimistic about overall consumer sentiment, while upstate residents, those over 55 years old, and republicans were the least optimistic.