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Pollsters said that the New York State Index of Consumer Sentiment has dipped to 68 percent, down more than five points from the last poll in the fourth quarter of 2021.
The poll found that the sentiment for the first quarter of 2022 found that metro New York had a more optimistic outlook, with more than 73 percent expressing a positive sentiment versus upstate New York, which fell under 61 percent.
Officials noted that New York's overall Index of Consumer Sentiment is 8.6 points above the nation’s, and the outlook moving forward is more positive, they said.
“Inflation plus war equals uncertainty for New York consumers,” Siena College Research Institute Director Don Levy said. “The index has fallen to where it briefly stood when the coronavirus first slammed our economy.
Levy noted that consumers in New York were largely split down political lines, with Republicans taking a more negative approach.
“New York’s overall and future numbers are much higher than the national outlook owing to a partisan economic sentiment divide in which Democrats - a better than a two-to-one advantage in New York - remain upbeat about the future while Republicans in this survey recorded the lowest consumer sentiment score ever recorded in a Siena survey," Levy said.
“Gas prices and their impact is taking our collective breath away, hitting Republicans, and upstaters, and women the hardest,” he continued. “While buying plans remained strong, increasing for cars, major home improvements are up nearly seven points under last year’s forecast.”
Complete results of the poll can be found here.
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