Poll: LIers less pessimistic about their financial future than in June
A shopper in a Freeport market. Traceyann Walker of Freeport, shops for food at Gala Foods, May 8, 2021 in Freeport, N.Y. Grocery stores are reporting a significant increase in shoplifting. They attribute some of the increase to the use of reusable bags, which thieves hide merchandise in, and masks, which provide some anonymity. Also, an increase in food insecurity among laid-off workers is a factor, according to one expert. Credit: Debbie Egan-Chin
Long Island consumers are less anxious, though not worry-free, about inflation clouding their immediate financial future compared with three months ago, according to a new poll.
The Siena College Research Institute reported its Index of Consumer Sentiment was 66.4 points earlier this month for Nassau and Suffolk counties. That’s up from June’s 61.8 and March’s 59.9.
“Consumer sentiment rebounded this quarter …[but the cost of ] gas and food continue to worry” residents, said Siena pollster Don Levy.
He added that while the index has climbed it’s still well below its break-even mark of 76 points, meaning the number of Long Islanders who are pessimistic about their financial outlook is larger than the number who are optimistic.
The Island’s sentiment index also remains below that for New York City and the suburbs north and east, which was 78.4 points in early September.
Retailers and economists closely follow confidence indexes 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.
The latest index reading is derived from Siena’s Aug. 28-Sept. 1 survey of 101 Island residents.
Concern over the cost of groceries remains top of mind: 72% of the people in Nassau and Suffolk said food prices were either a very serious or somewhat serious problem in early September compared with 76% in June. That compared with 75% in early September and 79% in June in the metropolitan area.
On gasoline prices, 64% of Long Islanders said they were either a very serious or a somewhat serious problem in early September, a dip from 68% in June. That compares with 65% in early September and 67% in June in the metro area.
The poll’s margin of error is plus or minus 11 percentage points for the Long Island sample and 3.7 points overall. The survey consists of 803 respondents from across New York State.
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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