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Area consumer confidence falls in Q4

Rochester Business Journal
January 14, 2014

Consumer confidence remained unsteady statewide in the fourth quarter, with just Long Island residents showing improvement, the latest quarterly consumer confidence survey by the Siena Research Institute shows.

Overall consumer confidence in Rochester—which includes current and future confidence—fell to 69.8 from 73.8 in the third quarter and 77.8 a year ago. Current confidence was 75.8, compared with 83.7 in the third quarter and 79.2 a year ago. Future confidence fell to 65.9 from 67.4 in the third quarter and 76.9 in the fourth quarter last year.

Eight of the state’s nine regions surveyed reported decreases in overall confidence in the fourth quarter. Rochester ranked fifth in terms of overall confidence for the quarter.

“Consumers are not starting 2014 on a hopeful note in New York,” SRI director Don Levy said. “Still, it’s not as bad as it was two or three years ago. A bright spot? Home-buying plans are up in seven of nine regions and at or above historic levels in six.”

Overall confidence among Buffalo consumers fell to 67.6 in the fourth quarter from 73.8 in the third quarter and 74.2 a year ago. Current confidence was 72.4, compared with 84.5 in the third quarter and 81.5 a year ago. Future confidence fell to 64.5 from 66.9 in the third quarter and 69.6 in the fourth quarter last year.

Confidence among Syracuse consumers was 71.6 in the fourth quarter, down from 73.6 in the third quarter and 74.2 a year ago. Current confidence was 78.8, compared with 81.5 in the third quarter and 74.3 a year ago. Future confidence was 66.9, down from 68.6 in the third quarter and 74.2 in the fourth quarter last year.

Buying plans among Rochester-area consumers was up for vehicles, consumer electronics, furniture, homes and major home improvements in the fourth quarter.

The SRI index measures people’s willingness to spend rather than their ability to spend. It was based on calls to more than 400 people outside New York City and Long Island.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.


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