By Hank Russell
A recent poll from the Siena Research Institute (SRI) showed that consumer sentiment in New York fell from the previous quarter, even though it was still higher than the nation’s.
In the most recent quarter (Q3 2025), the New York State Index of Consumer Sentiment (ICS) was at 68.3, which is 3.6 points lower than the previous quarter. However, that is higher than the national index, which is at 55.1 — a 3.4-point decline from the previous quarter, when it was at 58.5.
“Like the autumn leaves, consumer sentiment is falling across New York and the nation as persistent economic headwinds have consumers feeling the pressure coming out of the summer season. In all quarterly measurements taken during 2025, consumer sentiment in both New York and across the nation has failed to rise above the breakeven point where optimism exceeds pessimism,” said Travis Brodbeck, SRI’s Associate Director of Data Management.
“While both New York and the nation saw current sentiment fall by four points, New York’s future outlook held much steadier, dropping by nearly four points compared to a significant national decline of over six points.”
When asked which expense has a “very/somewhat serious” impact on their financial condition, 79% said it was food, up from 77% the previous quarter. Only 46% said the price of gas impacted their finances, down 47% the last three months of this year. Combining the costs of gas and food, 43% said their financial condition was negatively impacted, which is up from 40% in Q2 2025.
In addition, 72% said utility costs have impacted their finances, followed by housing costs (71%), entertainment services (50%), gas (46%) and cell phone services (38%). When food, housing and utilities are combined, 56% said these expenses had a “very/somewhat serious” impact, but only 19% said the combination of all expenses impacted their financial situation.
Buying plans in the third quarter are mostly negative. Since the previous quarter’s measurement, buying plans for cars or trucks increased 1.8% (from 17.8%) to 19.6%. The two largest decreases in buying plans were in consumer electronics, falling 2.8% to 44.2%, and homes, dropping to 8.7% (from 10.9%). Major home improvement plans edged down to 23.3% (from 23.6%) and buying plans for furniture fell slightly to 29.7% from 30.2%, a 0.5% decrease.
“When it comes to making major purchases, consumers pulled back modestly this quarter, but they continue to spend,” Brodbeck said. “Gasoline and food prices remain a serious strain on New Yorkers’ finances, yet residents are not signaling any major belt-tightening. Most buying plans are down—with the exception of cars and trucks—but over the past five years, intent to spend has remained relatively stable. While questions about tariffs linger, residents continue to endure higher prices that have a serious impact on their budgets.”
Not surprisingly, consumer sentiment between Republicans and Democrats was at polar opposites. The overall ICS rating for registered Republicans was 89.0, compared to Democrats’ ICS of 60.0. The current ICS rating for Republicans was 87.9, while the Democrats’ ICS was 59.9. The GOP’s index for the future was at 89.8 — far higher than the index from the Democrats, which was 60.1. All the ICS from registered Democrats were below the state’s indices.
However, the gap was smaller when asked about gas and food costs. Forty-nine percent of Republicans said gas prices were a serious problem, down from 52% the last quarter, while 45% of Democrats agreed — up from 44% in Q2 2025. Seventy-four percent of GOP voters said food prices was a serious problem, down from 79%, compared to 82% of Democrats, up from 78% the previous quarter. Forty-five percent of Republicans said both gas and food prices combined caused concern (down from 47% the previous quarter) and 44% of Democrats agreed; that is up from 39% the previous quarter.
“New York Democrats report their bleakest economic outlook in five years, with overall sentiment dropping to 60. New York Republicans, by contrast, continue to show far greater optimism about the economy, with overall sentiment at 89,” Brodbek said. “The Index of Consumer Sentiment in New York—and nationally—is now at its lowest point since 2022.”