By Hank Russell
A poll released this morning shows that overall consumer sentiment in New York State has dropped to its lowest level in four years, with more people concerned about how they will pay for gas, food and utilities.
According to Siena Research Institute, the overall consumer sentiment index was at 65.6 during the first quarter this year. This is 10.4 points below the breakeven point at which sentiment is balanced between a positive and negative outlook. Further, that is down from 68.8 the previous quarter and the lowest level since the second quarter of 2022, when it was 61.7.
However, consumer sentiment statewide is higher than the nation’s, which is at 53.3. Despite the lower sentiment, that is up from the fourth quarter of 2025, when it was 52.9.
The poll also found that many New Yorkers are holding off on making any big-ticket items. Only 18.3% intend to buy a car or truck in the next six months, down from 19.0% in Q4 2025. The percentage of those looking to buy a home six months from now fell from 10.9% to 9.9%, and 22.1% said they would make improvements to their existing home, down slightly from 22.3% the previous quarter.
Future plans for consumer electronics and furniture purchases, however, saw an uptick. The percentage of those looking to buy a personal computer, cell phone, television, or tablet within six months increased slightly to 41.6% in the first three months of this year, compared to 41.1% the last three months of last year. For those looking to buy furniture in the same timeframe, 30.1% in the first quarter of 2026 said they would, which is up from the fourth quarter of 2025 (24.5%).
Affordability has been a buzzword this campaign season as elected officials touted plans to make life more affordable for their constituents. In the poll, respondents were asked about how seriously gas and food prices impacted their finances. Fifty-one percent said gas prices impacted their financial condition, up from 46% the previous quarter, while 79% said it was food prices (up from 78%) and 49% said it was both, compared to 43% in Q4 2025.
Other expenses that have impacted the respondents’ finances include utilities (75%), housing (72%), monthly essentials (57%), entertainment and streaming services (51%) and cell phone services (33%).
When it came to utilities, 51% said their utility bills were “not too or not at all affordable.” Because of that, over the past 12 months, 55% said they kept the thermostat below or above comfort levels, depending on the season, 34% paid a bill late or less than the amount owed, 29% had to borrow money or use a credit card to pay and 17% contacted their local elected officials to express their concerns about the costs of their utility services.
Looking at the current and future economic conditions of the state, the current consumer sentiment index fell from 63.7 in the fourth quarter of 2025 to 63.3 in the first quarter of this year. That is higher than the nation’s, which is at 55.8, but higher than the previous quarter (50.4).
The future consumer sentiment index fell to 67.2 in Q1 2026. That is down from the Q4 2025 figure of 72.0 and the lowest figure since 2013. However, it exceeded the national future consumer sentiment index of 51.7, which is down from the fourth quarter of 2025, when it was 54.6.