Upstate consumer sentiment rises in Siena quarterly survey

Upstate New York consumers are feeling more willing to spend these days. Consumer sentiment in Upstate rose to 85.2 in June from 81.8 in March, according to the latest quarterly survey the Siena (College) Research Institute (SRI) released on Wednesday.

Upstate’s consumer sentiment rose faster than statewide and national sentiment in the latest three-month period.

“No demographic group saw a meaningful downturn in their willingness to spend, which in every case demonstrates more optimism than pessimism. Of note, Upstaters, who usually trail the consumer-sentiment derby, show the largest uptick in their attitude towards their current condition and that now is a good time to buy,” Douglas Lonnstrom, professor of statistics and finance at Siena College and SRI founding director, said in the SRI survey report.

Statewide consumer sentiment inched up to 88.0 in June from 87.1 in March, SRI reported.

National consumer sentiment rose 2.5 points to 93.5 in June from March’s reading of 91, as measured by the University of Michigan’s consumer-sentiment index.

In SRI’s quarterly analysis of gas and food prices, 36 percent of Upstate respondents said the price of gas was having a serious impact on their monthly budgets, up from 30 percent in March but down from 37 percent in December.

When asked about food prices, 61 percent of upstate New York respondents indicated the price of groceries was having a serious effect on their finances, up from 59 percent in March but down from 66 percent in December.

SRI conducted its survey of consumer sentiment between June 1 and June 28 by telephone calls conducted in English to 801 New York residents.

It has an overall margin of error of plus or minus 4.3 percentage points, according to SRI.

Contact Reinhardt at ereinhardt@cnybj.com