LOUDONVILLE, N.Y. (WNYT) — Consumer sentiment in New York remains higher than the national average despite economic concerns, according to a Siena Research Institute poll.
The New York State Index of Consumer Sentiment is at 68.8, which is 15.9 points above the national index of 52.9. Travis Brodbeck, SRI’s Associate Director of Data Management, said the national index has fallen 21.1 points since the 2024 election, while New York’s dropped 9.3 points.
“While consumer sentiment is depressed relative to a year ago, spending intentions are down but remain resilient,” said Brodbeck. Nearly one in five New Yorkers plan to purchase a vehicle, furniture, or make a major home improvement.
Economic pressures
At least 70% of New Yorkers report that food, housing, and utility costs are seriously impacting their finances. Food costs have slightly decreased to 78%, while housing costs rose to 72%.
Despite these challenges, buying plans for homes increased by 2.2 percentage points to 10.9%. Brodbeck highlighted a disconnect between consumer pessimism and continued spending.
Financial strain
Forty-six percent of New Yorkers say gasoline prices seriously impact their finances, and 53% report being seriously affected by housing, utilities, and food costs. Eighteen percent feel the strain from all six key monthly expenses, including entertainment and cell phones.
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