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Confidence among N.Y. consumers drops in Q3

Rochester Business Journal
October 9, 2013

Confidence among consumers statewide tumbled in the third quarter, with just Buffalo showing an improvement, the latest quarterly consumer confidence survey by the Siena Research Institute shows.

Overall confidence in Rochester—which includes current and future confidence—was 73.8, down from 74.2 in the second quarter and 73.9 a year ago. Current confidence fell to 83.7 in the third quarter from 84.5 in the second quarter, but was up from 76.9 a year ago. Future confidence was 67.4, compared with 67.6 in the second quarter and 72 in the third quarter last year.

Eight of the state’s nine regions surveyed showed decreases in overall confidence in the third quarter, with Buffalo showing the only improvement. Rochester ranked third in terms of overall confidence for the quarter.

“A tough quarter for New York State. Of the 27 indexes we measure, 24 dropped, while only three increased,” SRI founding director Douglas Lonnstrom said. “These figures, drawn from interviews with New Yorkers from July through September, reflect a quarter that saw some hopeful signs but ended with fear over the federal shutdown and pending debt ceiling standoff.”

Overall confidence among Buffalo consumers increased to 73.8 in the third quarter from 73.2 in the second quarter and 70.8 a year ago. Current confidence rose to 84.5 from 80.7 in the second quarter and 77.3 a year ago. Future confidence fell to 66.9 from 68.4 in the second quarter, but from 66.7 in the third quarter a year ago.

Overall confidence in Syracuse fell to 73.6 in the third quarter from 77 in the second quarter, but was up from 68 a year ago. Current confidence was 81.5, compared with 85.6 in the second quarter and 74.7 a year ago. Future confidence fell to 68.6 from 71.5 in the second quarter, but was up from 63.7 in the third quarter last year.

Buying plans among Rochester-area consumers increased for homes in the third quarter, while plans to purchase vehicles, furniture and major home improvements decreased.

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

(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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