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Survey: NY’s Consumer Confidence Drops
Posted By Joseph Spector On January 3, 2013 @ 11:33 am In Other | Comments Disabled
A Siena College report released today found that New York’s consumer confidence dropped two points in December and the nation’s score decreased by 10 points, Gannett’s Haley Viccaro reports.
People felt less confident about the economy and their financial situations during the holiday season and with talks about the fiscal cliff. However, the state’s consumer confidence is 10 points higher than last year’s score, showing some optimism for the new year, the Siena survey found .
Democrats, people under the age of 55 and New York City residents had the highest overall confidence during the last year. The Siena report shows that Democrats’ confidence rose by 19 points after the election.
Republicans and residents in upstate New York had the lowest overall consumer confidence score in December. Other groups with low overall scores included people with low incomes and those over the age of 55.
In December, plans to purchase cars, computers, furniture, homes and home improvement all decreased slightly compared to in November. Plans to buy these consumer goods, except for homes, are up two percent or more compared to last year’s numbers.
Statewide, 54 percent of people reported that the price of gasoline is having an impact on their finances and 67 percent said expenses on groceries are also having a serious impact on their financial situation.
“The concern that residents have over purchasing gas declined again this month for the third consecutive month,” said Don Levy, director of the Siena Research Institute, in a statement. “But on the other hand, the financial impact of grocery shopping rose sharply and was the highest we’ve seen since the summer.”
People who reported that both gasoline and food prices are making an impact on their finances reached 45 percent in December. Republicans and individuals in upstate New York had the highest percentage of people who believed gas and food prices were a serious problem.
New York’s overall consumer sentiment of 77.3 points in December is about 4 points above the nation’s overall score.
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URL to article: http://statepolitics.lohudblogs.com/2013/01/03/survey-nys-consumer-confidence-drops/
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 the Siena survey found: http://statepolitics.lohudblogs.comwww.siena.edu/sri/cci