News
New Manhattanville College Poll
Residents of Westchester, Rockland and Putnam cut back on Indulgent Spending
10.6.2008
PURCHASE, N.Y. (October 6, 2008) – In a recent poll conducted by Manhattanville College, the effects of the highly unstable economy are becoming increasingly evident not only in the worried attitudes of Westchester, Rockland, and Putnam residents but also in their actual spending behaviors and actions. According to the poll, which focuses on questions relating to how residents perceive the current situation and what changes they’ve made because of it, people are cutting back spending on clothing, entertainment, and even the more expensive food brands they purchase at their local grocery stores.
“While we are used to hearing residents voicing their concerns about economics issues we are now seeing them taking action in response to the unstable climate. The poll suggests that residents do not perceive this as a temporary situation. Spending behavior will continue on this track for some time, “says Richard Berman, President of Manhattanville College.
Residents are quite negative on the current direction of New York State and their counties. Sixty-two percent (62%) see the state going in the wrong direction, while only 26% see it going in the right direction. The perception of the area’s counties is somewhat better but still pessimistic with 56% of Westchester residents seeing the county going in the wrong direction and 30% in the right direction with 14% not sure. The residents of Rockland and Putnam see the counties going in the wrong direction by a 52% - 38% margin with 10% not sure. These results were dramatically different than the Manhattanville Poll conducted in November 2007 where only 30% of Westchester residents saw the county going in the wrong direction and 53% in the right direction with 17% not sure. For Rockland/Putnam the split was 39% wrong and 46% right and 15% not sure.
These dramatic changes were driven by a severe decline in perceptions of the economy in the state and region with the current area view of the three county area economy being only 24% positive and 72% negative as compared to 54% positive and 41% negative in November 2007.
When asked about the economic problems they might experience in the future if the economic conditions continue for six months to a year, respondents again noted cutting back on entertainment (77%), savings (73%) and purchasing of clothing (71%) as the top three impacts. But 18% were concerned about losing their health insurance, 18% about losing their job and 12% sell or lose my house (both owners and renters).
When asked about what activities have already been most impacted by the current economy…. 71% noted they were buying less clothing and less expensive clothing, 70% said they were cutting down on entertainment and eating out and 69% said they were saving less.