Here Are Adjustments NYers Are Making In Response To Inflation, New Poll Reveals

The Siena College Research Institute published the findings of an economic impact survey conducted in March.

Researchers found that 26 percent of respondents said inflation is having a very negative effect on their personal finances, and 44 percent said it is having a somewhat negative effect.

Eighty-seven percent of respondents reported that they are concerned about the cost of food in light of economic conditions and the war in Ukraine, and 80 percent reported that they are concerned about the cost of gasoline.

According to the report, 69 percent of respondents said they will buy less in general, 67 percent said they will buy fewer expensive items, and 28 percent said they plan to use their savings to pay for everyday expenses.

Thirty-five percent of respondents said they plan to get a second job or generate another source of income, and 34 percent said they plan to postpone or cancel a vacation in the next six months, according to the report.

“Inflation had gotten New Yorkers’ attention, but now add in war in Ukraine and consumers are very concerned, and many are planning to cut back,” SCRI Director Don Levy said in the announcement. “While a third think the war will soon be over and that our finances will not be largely affected, over half believe the war in Ukraine will generate economic shock waves that New Yorkers will face for years to come.”

Read the full report from the Siena College Research Institute here.

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