It could be a lean holiday season for some retailers, as New Yorkers are planning to shop and spend less this year, according to a newly released Siena College poll.
Pollsters found that approximately 43 percent of New Yorkers plan to spend similarly as last year, while 37 percent said they will spend less, and only 17 percent are planning to open up their wallets this year more than they did last holiday season.
However, while online shopping is expected to be on the decline, New Yorkers are looking forward to this year’s festivities, with two-thirds saying they are somewhat or very excited for the holiday season, up from 59 percent a year ago.
“While most New Yorkers are planning are planning to either spend less or hold the line on spending, 17 percent plan to spend more than last year, and 18 percent, down from 32 percent a year ago, will spend $1,000 or more,” Siena College Research Institute (SCRI) Director Dan Levy said.
“Plans to shop online are down from last year as over two-thirds of residents say they will visit local independent stores, small-to-medium chain stores, and 59 percent will frequent big-box retailers.
Levy also made note that financial hardships that were exacerbated during the COVID-19 pandemic are still looming over New Yorkers, with only a quarter of those polled saying they are better off financially than they were last holiday season.
"This time of year many of us look forward to many aspects of the season, but number one is spending time with family and friends,” Levy added.
“We’re clearly ambivalent when it comes to spending money on gifts, we love the shopping and giving gifts to our loved ones, but in difficult economic times, we worry about spending.
“Needless to say, it’s been a rough year. Most New Yorkers are hopeful that 2022 will be a better year than 2021 has been … Here’s hoping they’re right.”
The complete results of the Siena College poll can be found here.
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