According to a newly-released poll, consumer confidence is higher overall in New York State, but the levels of confidence vary based on one's political affiliation.
The Siena College Research Institute's latest quarterly survey, which questioned 800 New Yorkers over a three-week period in March, showed a confidence sentiment index of 87.1 percent. Confidence in New York is about four points lower than the national average but the number is New York's highest since 2007.
The latest number is a slight increase but it completes what was observed to be a rebound that followed a drop-off over the past year. It was a trend similar to the path of the stock market.
"For instance, if we look at the stock market, January was a very dismal month. February bounced back a little bit and March was a strong month in the stock market," said Dr. Douglas Lonnstrom, founding director of the Siena College Research Institute. "If we look at the big picture, as a whole, the stock market is back to about where it was last year, and consumer sentiment is back to about where it was. We're a couple points up, but it's back to about where it was at the end of last year."
Falling gas prices have led to fewer people worrying about the impact on household finances, the survey indicates. Only 27 percent of those who responded expressed concern about gas prices.
Meanwhile, one in five New Yorkers surveyed suggested they play to spend on a major home improvement project. Dr. Lonnstrom noted the correlation between lower gas prices and more willingness to spend elsewhere.
"Now they've got a little more money in their budget, and they OK, things are looking good," he said. "You've also got to work in the job factor, which seems more stable now. People are feeling more stable now about their job, and then gas prices drop, and they're willing to spend something on some other item such as home improvements."
What is noticeable in the poll are the different levels of consumer confidence among Democrats and Republicans surveyed. Sentiment among Democrats is well above 90 percent. The index dropped 17 points, however, among Republicans.
Dr. Lonnstrom, who suggested Republicans in New York are slightly more liberal than GOP peers in other states, believes they are concerned about a nasty presidential campaign and its long-term effects on the economy.
"There are surveys out showing that if (Donald) Trump gets elected, people aren't going to visit the United States," Dr. Lonnstrom said. "I think it's a real concern about the nastiness of the campaign and it took a devastating toll on the Republicans' optimism."
