Consumer confidence rallies in metro area from COVID slump, poll shows
Black Friday shoppers outside a store in Riverhead on Nov. 27. Credit: Newsday/John Paraskevas
Consumer confidence in the metropolitan area continued to rebound in December from the pervasive pessimism seen last spring when the coronavirus spiked for the first time.
The Siena College Research Institute reported Wednesday its Index of Consumer Sentiment was at 77.2 points last month for Long Island, New York City and its northern suburbs. In March, the index stood at 64.8 points, an eight-year low, and in November 2019 was at 93.3.
The latest sentiment reading is the first to be above the index’s breakeven mark of 76 points since 2019. That means the number of residents who are optimistic about their immediate financial future is larger than the number who are pessimistic.
Consumer confidence steadily, but slowly, rebounded in June, September and last month from March’s record low. Retailers and economists closely follow the index because consumer spending accounts for about 70% of economic activity.
Siena pollster Doug Lonnstrom said consumer confidence is up "but like so many things it depends upon [political] party registration" how bullish people are. More Democrats are optimistic about their immediate future and more Republicans are pessimistic, he said.
In the metro area, 56% of residents said food prices were either a very serious or a somewhat serious problem in December, down from 60% in September. In November 2019, 58% of residents expressed concern.
In terms of gasoline prices, 36% of residents surveyed last month said pump prices were either a very serious or somewhat serious problem, up from 30% in September. In November 2019, 39% of residents were worried about gas prices.
Siena, based in Loudonville, near Albany, polled 804 adults in New York State on Dec. 10-16. The margin of error is plus or minus 3.9 percentage points.
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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.
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