Inside Long Island Business

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Consumer confidence dips on LI

Consumer confidence on Long Island dropped in the first three months of the year compared with late 2012.

The Siena College Research Institute Wednesday reported its confidence index for Nassau and Suffolk counties was 72.6 points in the January-March period, down 1 point from the October to December 2012 period.

Superstorm Sandy hit the region on Oct. 29.

The index was 73.1 points in January-March 2012.

Siena pollster Douglas Lonnstrom said confidence indexes for every region of New York State were down in the first quarter compared with late last year.

On Long Island, the number of residents saying they planned to purchase an automobile or home in the next six months was up, quarter over quarter.

The number expecting to buy a computer or start a major home improvement project was down. The number planning to purchase furniture was unchanged.

Retailers follow consumer confidence indexes because they can signal a willingness among shoppers to open their wallets more frequently. Consumer spending accounts for 70 percent of economic activity, both locally and nationwide.


 

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