The New York State Index of Consumer Sentiment now stands at 76.9 up 2.8 points from the last measurement in the fourth quarter of 2023 and one point above the breakeven point at which optimism and pessimism are balanced according to the latest poll by the Siena College Research Institute (SCRI). Nationally, the overall index increased nearly 10 points this quarter. New York’s overall Index of Consumer Sentiment is 2.5 points below the national index of 79.4. New York’s current index increased 0.8 points to 72.4 and the future index increased 4.1 points to 79.8. Future confidence in New York is now 4.9 points above the breakeven point of balanced optimism and pessimism and 2.4 points higher than national future confidence.
“Consumer sentiment is gaining upward momentum. Nationally the index, up 9.7 points this quarter, stands 28 points higher than at this time last year. In New York, the index is up 2.8 points this quarter and 14.5 points higher than a year ago. The national numbers are above the breakeven point of balanced optimism and pessimism for the first time in three years and while in New York the current score remains below breakeven, New Yorkers top the nation in future optimism. Still, high prices in the grocery stores continue to impact over three-quarters of residents. While pump price shock is the lowest we’ve seen in three years, a majority also see housing and utility costs seriously affecting their finances”, according to Don Levy, SCRI’s Director.
In the first quarter of 2024, buying plans were down for cars/trucks at 19.7% (from 22.9%). Buying plans were up for consumer electronics at 47.9% (from 45.4%), for furniture at 29.8% (from 26.8%), for homes at 8.3% (from 6.4%) and up slightly for major home improvements at 22.7% (from 22.2%).
Fifty percent (down from 55% last quarter and the lowest since March 2021) of all New Yorkers say that current gasoline prices are having a very serious or somewhat serious impact on their financial condition. Seventy-seven percent (up from 75% last quarter) of state residents indicate that the amount of money they spend on groceries is having either a very serious or somewhat serious impact on their finances.
Seven in 10 (67%) New Yorkers say that housing costs are having a very serious or somewhat serious impact on their financial condition. Additionally, a majority (60%) of residents say that their utility costs are having at least a somewhat serious impact on their finances. Other monthly expenses including the cost of cell phones (29%) and entertainment services including internet, cable and streaming services (45%) are having a very or somewhat serious impact on New Yorkers’ financial condition.
Fifteen percent of all New Yorkers are somewhat or very seriously impacted by all six monthly expenses – food, gasoline, housing, utilities, home entertainment and cell phones. The consumer sentiment index among that group of New Yorkers is 65.8, 11.1 points below the statewide reading.