LOUDONVILLE – The New York State Index of Consumer Sentiment has experienced a slight decline, standing at 73.5, a decrease of 1.5 points from the previous measurement in the first quarter of 2023, according to the latest poll conducted by the Siena College Research Institute (SCRI).
Despite the decrease, consumer confidence remains higher in New York compared to the national level, with future confidence in New York surpassing the breakeven point of balanced optimism and pessimism by one point and remaining 14.4 points higher than national future confidence.
Don Levy, Director of SCRI, commented on the findings, stating, “Consumer sentiment dipped slightly across New York State this quarter, but the overall and future scores continue to outpace national sentiment.” And, referencing the wide margin between NYC and Upstate NY’s sentiment, he stated, “Geography and politics matter when it comes to New Yorkers’ economic outlook.”
The survey also highlighted concerns about rising gasoline prices, with 62 percent of all New Yorkers indicating that current gasoline prices are having a very serious or somewhat serious impact on their financial condition. Additionally, 79 percent of state residents expressed concerns about the amount of money spent on groceries, indicating a very serious or somewhat serious impact on their finances.
