“As the Coronavirus took hold of New York, consumer sentiment fell precipitously, signaled a sudden collective feeling of pessimism and reached a low not seen since 2011. A large plurality of consumers now think that the state’s business conditions this year as well as economic times over the coming five years are in trouble. Right now, 58 percent say that it is NOT a good time to buy major consumer items and plans to buy cars, electronics, furniture, homes and home improvements are down between 13 and 27 percent. In 20 years of tracking consumer sentiment in New York, we’ve seen more pessimism but never a drop this severe in this short of a time,” according to to Dr. Doug Lonnstrom, professor of statistics and finance at Siena College and SCRI Founding Director.In the first quarter of 2020, buying plans were down, since the fourth quarter of 2019 measurement, for cars/trucks to 18.8% (from 21.6%), consumer electronics to 38.6% (from 52.4%), furniture to 24.2% (from 31.0%), homes at 8.1% (from 11.1%), and major home improvements to 19.0% (from 25.2%).Twenty-seven percent (down from 41 percent) of all New Yorkers say that current gasoline prices are having a very serious or somewhat serious impact on their financial condition. Fifty-five percent (down from 58 percent) of state residents indicate that the amount of money they spend on groceries is having either a very serious or somewhat serious impact on their finances. Twenty-three percent of state residents say that both gasoline and food prices are having either a somewhat or very serious impact on their finances.
