NYS consumers starting to feel good: Poll
New York consumers are back from the economic abyss, and haven’t felt so good about spending in more than 16 years, according to a recent poll.
The latest survey by the Siena College Research Institute (SCRI), released in March, shows New York’s overall Index of Consumer Sentiment has surged to 94.1 — just 2.8 points below the nation’s 96.9 — a bullish level not seen in the state since 2000, when George W. Bush was elected president.
“People have bought into Trump’s job message,” Dr. Doug Lonnstrom, professor of statistics and finance at Siena College, told The Post, “particularly up- state, which has been hit hard.”
Upstate surpasses the Metro area in overall, current and future consumer sentiment. That’s even though, as Lonnstrom notes, President Trump’s approval rating is down among New Yorkers.
“The stock market is at record highs,” explained Lonnstrom, SCRI’s founding director. “This makes everyone feel good. Retirement funds, portfolios and investments are up.”
Yet, most economists can’t square this surge in enthusiasm with the lack of actual spending in many sectors, including retail, so far. And the feelings are split between party lines. Republican sentiment in New York is at its highest since May 2000. Sentiment for local Democrats is at its lowest level since October 2013.
But the Siena survey also shows that positive consumer sentiment in New York is translating into purchasing in some areas.
Plans to buy cars and trucks, for instance, were at 18.5 percent in March, up from 14.6 percent in November. And the feel-good factor is also permeating New York dealerships.
Luis Gonzalez, a sales manager at a Midtown Audi dealership on 11th Avenue, told The Post sales are climbing — with four more vehicles sold in the first quarter compared with the same period last year, when gas prices were lower.