State consumer sentiment fell flat in December and was down five percent from 2012, a Siena Research Institute poll released Monday found.
The state consumer sentiment poll is released each month and measures people’s willingness to spend as opposed to their ability to spend. The index is on a scale from 1 to 150 points, with 75 being the middle point for consumer sentiment.
The state’s consumer index in December was 73.6, up 0.3 from November. The nation’s consumer index increased 7.4 points to 82.5 in December, Gannett’s Ashley Hupfl reports.
“As 2014 begins, overall consumer sentiment in New York remains slightly more pessimistic than optimistic,” Siena Reach Institute Director Don Levy said in a statement. “Compared to this time last year, confidence is down five percent among all residents, but up significantly among those earning more than 100k, and up a little among all New Yorkers making more than the state average.”
Residents with an income over $100,000 and Democrats were the two highest consumer sentiment groups with 91.4 and 81.9, respectively. Republicans had the lowest consumer sentiment at 61.5, and residents with an income less than $50,000 had the second lowest at 67.4.
“Wall Street ended the year with huge gains, car sales are up and, for many, real estate is back. Still, many questions remain unanswered. New Yorkers are more positive about business conditions both for the next year and for years than is the national sample, but when asked about their personal prospects, New Yorkers describe fewer recent gains and more trepidation than our fellow Americans,” Levy said in a statement.
The poll was conducted in December by random telephone calls to 622 state residents over the age of 18.