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Pollsters found that 69 percent of New Yorkers said that current gasoline prices are having a very serious or somewhat serious impact on their financial condition.
That’s up from 66 percent last quarter.
And even more New Yorkers reported feeling burdened by the cost of groceries, with 80 percent of respondents saying that the amount of money they spend on food is having either a very serious or somewhat serious impact on their finances.
That’s up from 72 percent from last quarter.
“Gas prices have only hurt residents this dramatically in 2011 and 2008 and food has only taken this big of a bite out of us once in the last 15 years, July 2008,” said SCRI Director Don Levy.
Overall, the New York State Index of Consumer Sentiment stands at 61.7, down 6.3 points from the first quarter of 2022, and the lowest since October 2011, according to researchers.
Pollsters found that Upstaters, seniors, lower income residents, and Republicans are especially hit hard.
Still, New York’s Index of Consumer Sentiment is 11.7 points higher than the nation’s Index of 50.0.
“Despite inflation damaging the spirit of New Yorkers, with a strong job market, we continue to plan to purchase major consumer goods and New Yorkers continue to be more optimistic than the nation at large,” Levy said.
Researchers found that buying plans were up in the second quarter of 2022 for consumer electronics (43.1 percent from 40.7 percent) and major home improvements (24.5 percent from 24.4 percent).
However, buying plans were down for cars/trucks (18.5 percent from 20.6 percent), furniture (25.4 percent from 27.1 percent), and homes (8.5 percent from 11.1 percent).
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