People in New York are optimistic about their personal financial situations and the growth prospects of the U.S. economy over the next year, standing out from national trends. New Yorkers also exhibit various degrees of enthusiasm, comfort and skepticism in the forces shaping the consumer experience, according to a new study released today by KPMG LLP, the U.S. audit, tax and advisory firm.
This survey of over 400 adults in New York is part of the inaugural KPMG American Perspectives Survey, which assessed the views of an additional 1,100 adults nationwide to understand their outlook on their personal financial situation and the U.S. economy, spending plans and preferences, as well as attitudes toward the forces shaping their experience in banking, energy, government, automobiles, healthcare and technology.
The report reviews these perspectives through the lens of compound volatility, the combination of near- term risks, such as geopolitical and technology driven disruption, as well as longer-term structural changes to the U.S. economy, including the energy transition and sticky inflation.
Find the full report here.
Insights from Yessi Scheker, KPMG New York Office Managing Partner:
Key takeaways: “Bucking national trends, New Yorkers are the optimistic outliers, buoyed by confidence in not only their personal finances but also the growth prospects of the U.S. economy. Despite rising interest rates and inflation, New Yorkers remain resilient in their attitudes toward their disposable income and plan to shift their shopping habits to be more financially savvy.”
On GenAI expectations: “As early adopters of GenAI, New Yorkers are comfortable engaging with the technology in their day-to-day experiences. Nearly half are comfortable taking GenAI-generated advice for budgeting and credit cards, ahead of the national average. Companies must ensure they have the proper guardrails in place as they move with speed to deploy GenAI responsibly.”
