Consumers on Long Island are more optimistic about the future than in 2023

Long Island consumers are more optimistic about their immediate financial future than they were a year ago despite concerns about the cost of groceries and housing, according to a poll released on Wednesday.

The Siena College Research Institute reported its Index of Consumer Sentiment was 67.7 points last month in Nassau and Suffolk counties.

That’s higher than in March 2023 when the index was 58 points.

A reading below the break-even threshold of 76 points means the total number of residents who are pessimistic about their financial outlook is larger than the number who are optimistic, according to Siena pollster Don Levy.  

The Island’s sentiment reading last month is below that for the metropolitan region, which was 78.7 points. Statewide, the index stood at 76.9.

“Consumer sentiment is gaining upward momentum,” Levy said. “Still, high prices in the grocery stores continue to impact” consumers, along with “housing and utility costs seriously affecting their finances.”

On Long Island, more than 7 in 10 said the cost of food and housing is having either a very serious or a somewhat serious impact on their finances. More than 6 in 10 said the same about their utility bills.

The responses mirrored those of people across the state and were unchanged from a similar poll conducted by Siena in November.

The latest consumer sentiment index is derived from Siena’s Feb. 20-March 5 survey of 801 New York State residents, including 96 in Nassau and Suffolk. The margin of error is plus or minus 3.8 percentage points for the total sample and 11.1 points for the local sample.

Retailers and economists closely follow polls of consumers because they indicate consumers' willingness to open their wallets. Consumer spending accounts for about 70% of economic activity on Long Island and in the state and nation.

By James T. Madore

james.madore@newsday.comJamesTMadore

James T. Madore writes about Long Island business news including the economy, development, and the relationship between government and business. He previously served as Albany bureau chief.