“With a majority of New Yorkers saying that their finances are about the same as a year ago, it’s not surprising that most hope to keep holiday spending about the same. Still, with more than two-thirds at least somewhat excited about the holiday season, overall consumer sentiment up slightly from a year ago, and appreciably from 2014, spending may well exceed best-laid plans,” Don Levy, SCRI director, said in the news release.
The survey also found that 70 percent of New Yorkers plan to conduct at least some of their shopping online this year. Nearly 20 percent of all state residents, a quarter of younger residents, and 28 percent of those earning at least $100,000 a year, will do at least 75 percent of their shopping online.
“By two-to-one, New Yorkers say that, as much as they can, they will buy practical gifts more than splurging on special items. While we won’t be wrapping up coal, it is more likely we’ll see needs, rather than wants, under the tree,” Levy said. “Still, every indicator, especially among affluent New Yorkers, points to increased spending this holiday season.”
(Sponsored)
Issuing 1099s: What Every Business Owner Needs To Know
If you are a business owner, you have likely heard of Form 1099. It is a crucial part of tax compliance and should not be ignored. The IRS uses 1099s
Maximizing Tax Benefits for Energy-Efficient Buildings
The Inflation Reduction Act (IRA) of 2022 significantly enhanced the Section 179D deduction, making it even more valuable for businesses investing in energy-efficient commercial building property (EECBP) and energy-efficient commercial
The Siena survey also found more than three-quarters of respondents will be making donations of money, food, or gifts to charitable organizations that focus on the needy during the holiday season and 36 percent plan to volunteer for organizations that help people during the holidays.
Researchers conducted the SCRI survey of holiday-spending plans Nov. 6 through Nov. 15 by random telephone calls to 804 New York adults via landline and cell phones.
SCRI reports this data at a 95 percent confidence level with a margin of error of plus or minus 4.2 points, including the design effects resulting from weighting.
Contact Reinhardt at ereinhardt@cnybj.com
