Poll: Long Islanders more pessimistic about their finances
Housing and grocery prices have caused Long Islanders to be more pessimistic about their immediate financial future, according to a new poll on consumer confidence by Siena College Research Institute. Shown are townhomes under construction in Bayport on June 1. Credit: Newsday/Steve Pfost
Long Island consumers are more pessimistic about their immediate financial future than they were three months ago as the cost of housing, groceries and utilities weigh on them, according to a new poll.
The Siena College Research Institute reported its Index of Consumer Sentiment was 70.1 points last month in Nassau and Suffolk counties. That’s lower than in June, when the index was 74.5.
The latest sentiment reading remains below the break-even threshold of 76 points — meaning the number of residents who are pessimistic about their financial outlook is larger than the number who are optimistic, according to Siena pollster Don Levy.
"Prices [are] still taking a toll, especially at the grocery store," along with housing costs, he said on Wednesday.
Still, last month’s index reading was far higher than the 58.5 points recorded in September 2023.
On the boardwalk in Long Beach, the comments of walkers and joggers aligned with the Siena poll results.
"I used to shop at one supermarket a week, now I go to three to find the bargains," said Bill Schwartz, 74, a retiree from Island Park. "I cannot remember the last time that food prices were this high."
Zachery Morris, 26, a substitute teacher from Lynbrook, said, "I doubt that I will ever be able to buy a house on Long Island. I’m thinking about moving south, maybe to the Carolinas."
Long Island’s sentiment reading last month is below that for the metropolitan region, which was 78.1 points. Statewide, the index stood at 75.9.
Housing and grocery prices were among the factors behind the differences.
In Nassau and Suffolk, more than seven in 10 respondents said the cost of housing and food was having either a very serious or a somewhat serious impact on their finances. More than six in 10 said the same about their utility bills.
The responses were largely unchanged from Siena’s June poll.
The latest consumer sentiment index is derived from Siena’s Sept. 9-10 survey of 868 New York State residents, including 105 Long Islanders. The margin of error is plus or minus 3.9 percentage points for the total sample and 11.5 points for the local sample.
Retailers and economists closely follow such polls because they indicate consumers’ willingness to open their wallets. Consumer spending accounts for about 70% of economic activity on the Island, and in the state and nation.
Long Island consumers are more pessimistic about their immediate financial future than they were three months ago as the cost of housing, groceries and utilities weigh on them, according to a new poll.
The Siena College Research Institute reported its Index of Consumer Sentiment was 70.1 points last month in Nassau and Suffolk counties. That’s lower than in June, when the index was 74.5.
The latest sentiment reading remains below the break-even threshold of 76 points — meaning the number of residents who are pessimistic about their financial outlook is larger than the number who are optimistic, according to Siena pollster Don Levy.
"Prices [are] still taking a toll, especially at the grocery store," along with housing costs, he said on Wednesday.
Still, last month’s index reading was far higher than the 58.5 points recorded in September 2023.
On the boardwalk in Long Beach, the comments of walkers and joggers aligned with the Siena poll results.
"I used to shop at one supermarket a week, now I go to three to find the bargains," said Bill Schwartz, 74, a retiree from Island Park. "I cannot remember the last time that food prices were this high."
Zachery Morris, 26, a substitute teacher from Lynbrook, said, "I doubt that I will ever be able to buy a house on Long Island. I’m thinking about moving south, maybe to the Carolinas."
Long Island’s sentiment reading last month is below that for the metropolitan region, which was 78.1 points. Statewide, the index stood at 75.9.
Housing and grocery prices were among the factors behind the differences.
In Nassau and Suffolk, more than seven in 10 respondents said the cost of housing and food was having either a very serious or a somewhat serious impact on their finances. More than six in 10 said the same about their utility bills.
The responses were largely unchanged from Siena’s June poll.
The latest consumer sentiment index is derived from Siena’s Sept. 9-10 survey of 868 New York State residents, including 105 Long Islanders. The margin of error is plus or minus 3.9 percentage points for the total sample and 11.5 points for the local sample.
Retailers and economists closely follow such polls because they indicate consumers’ willingness to open their wallets. Consumer spending accounts for about 70% of economic activity on the Island, and in the state and nation.
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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Newsday Live Music Series: Long Island Idols Newsday Live presents a special evening of music and conversation with local singers who grabbed the national spotlight on shows like "The Voice," "America's Got Talent,""The X-Factor" and "American Idol." Newsday Senior Lifestyle Host Elisa DiStefano leads a discussion and audience Q&A as the singers discuss their TV experiences, careers and perform original songs.
