Consumers in the Buffalo Niagara region are in a little less of a buying mood.
Local consumers, who during the spring indicated they were more interested in making major purchases than they’ve been since the spring of 2007, lost a bit of that spending urge over the summer, according to a quarterly survey of consumer confidence released Wednesday by the Siena Research Institute.
Although consumers are feeling a little more downbeat, they’re still much more interested in spending than they were a year ago, which Siena researchers said bodes well for the holiday shopping season.
Consumer confidence weakened by about 2 percent in the Buffalo Niagara region during the summer, but even with that decline, it still was 16 percent higher than a year ago.
“The tone in every area is up from the fall of 2011, which points to the likelihood of an improved holiday buying season,” said Douglas A. Lonnstrom, founding director of the institute, which conducts the quarterly consumer confidence survey in nine New York State metro areas.
The survey of 400 consumers measures their willingness to spend on a wide range of items, from vehicles and furniture to computers and home improvements.
The drop in consumer confidence locally was the fourth-biggest decline among the areas. Confidence improved in New York City, where consumers are much more upbeat than in any of the other metro areas, but it declined across upstate and on Long Island.
Consumer confidence in Buffalo Niagara ranks fourth statewide, behind New York City, Rochester and Albany and just ahead of Long Island.
A wide gap was shown between current buying plans of local consumers and their plans for future spending. While Buffalo Niagara ranked first on current plans, it was sixth on the future.
New York City: 82.4
Long Island: 70.2
3rd quarter: 70.8
2nd quarter: 72.2
1st quarter: 70.8
4th quarter: 64.6
3rd quarter: 61.1