Poll: Consumer confidence up in region
A 23,000-square-foot Apple store is set to open Friday in Grand Central Terminal. The store launch comes as a poll shows that consumer confidence in the metropolitan area, which includes Long Island, is on the rise. (Dec. 7, 2011) Credit: AP
Consumer confidence in the metropolitan area increased last month as residents saw stock markets soar and became more accustomed to higher prices for gasoline and food, according to a new poll.
The Siena College Research Institute Wednesday reported its confidence index for Long Island, New York City and its northern suburbs was 63.6 in November, a jump of 2.4 points from a month earlier.
Statewide, the index climbed 3.1 points to 62.2.
In October, the confidence index fell, month over month, for the metropolitan area and statewide.
Area residents are more optimistic about their financial well-being in the near term and the long term. Still, index readings below 75 indicate the number of people worried about their future exceeds those who are optimistic.
"Prices of both gas and food have stabilized some, and people are becoming accustomed to the current levels," said Siena pollster Douglas Lonnstrom. "This decrease in the impact [that] both gas and food prices is having on New Yorkers' budgets is having some effect on the corresponding increase in consumer confidence."
The number of metropolitan area residents saying grocery and pump prices were "somewhat or a very serious problem" has fallen for three consecutive months.
Residents across the state, when asked about big-ticket purchases in the next six months, said they were less likely to buy an automobile, furniture, home or start a major home-improvement project. However, more people said they planned to buy a computer -- a trend also seen in October.
Outside the Raymour & Flanigan furniture store in Farmingdale, some customers said they were buying out of necessity, not because they felt more hopeful about their economic circumstances.
"My couch is broken, so I decided to buy a sofa bed because I'm expecting a lot of company for Christmas," said Joe Manzella, a contractor from Bethpage. "I'm still pretty cautious about spending. Things in the economy don't look that good."
BUYING PLANS
What New York State residents said they plan to buy in the next six months:
Car or truck: 9.5 percent, down 1.7 percentage points from November 2010
Computer: 15.5 percent, up 0.8 percentage point
Furniture: 18.6 percent, down 1 percentage point
Home: 3.5 percent, down 0.5 percentage point
Major home improvement: 12.2 percent, down 1.2 percentage points
Source: Siena College Research Institute
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