FinancialsNov 17, 2021
October Retail Sales Beat Expectations Despite Rising PricesSurveysDec 01, 2021
Consumer Confidence Falls in November Amid Inflation
Despite a dip in confidence and a rise in prices, consumers continue to spend.
The Conference Board’s consumer confidence index fell to 109.5 in November from 111.6 in October.
New York—U.S. consumer confidence fell in November as inflation pushed prices higher.
The Conference Board’s consumer confidence index fell to 109.5 in November from 111.6 in October, falling short of analyst estimates of 110.
It marked the fourth decline in the past five months, and its lowest level in nine months.
The consumer price index, which measures the average change in prices over time consumers will pay for a basket of goods and services, rose nearly 1 percent month-over-month in October and more than 6 percent year-over-year, marking the highest jump since 1991.
But, despite rising costs due to inflation and low consumer sentiment, consumers have continued to spend, with retail sales in October surpassing analyst expectations.
“Expectations about short-term growth prospects ticked up, but job and income prospects ticked down. Concerns about rising prices—and, to a lesser degree, the Delta variant—were the primary drivers of the slight decline in confidence,” said Lynn Franco, senior director of economic indicators at The Conference Board, in a press release announcing the results.
The Conference Board’s consumer confidence index fell to 109.5 in November from 111.6 in October, falling short of analyst estimates of 110.
It marked the fourth decline in the past five months, and its lowest level in nine months.
The consumer price index, which measures the average change in prices over time consumers will pay for a basket of goods and services, rose nearly 1 percent month-over-month in October and more than 6 percent year-over-year, marking the highest jump since 1991.
But, despite rising costs due to inflation and low consumer sentiment, consumers have continued to spend, with retail sales in October surpassing analyst expectations.
“Expectations about short-term growth prospects ticked up, but job and income prospects ticked down. Concerns about rising prices—and, to a lesser degree, the Delta variant—were the primary drivers of the slight decline in confidence,” said Lynn Franco, senior director of economic indicators at The Conference Board, in a press release announcing the results.
Consumers were less than optimistic about their current financial prospects.
The Present Situation Index, which measures consumers’ outlook on current business and labor market conditions, fell to 142.5 from 145.5 last month.
Consumers’ appraisal of current business conditions was less favorable in November.
The percent of consumers who said current business conditions are “good,” decreased to 17 percent month-over-month from 18.3 percent. Those who said conditions were “bad” increased to 29 percent, compared with 25.7 percent in October.
As for the labor market, consumers had mixed feelings, with 17 percent of respondents saying jobs are “plentiful,” compared with 18.3 percent last month.
However, 11.1 percent said jobs are “hard to get,” nearly unchanged from 11 percent in October.
The Expectations Index, which measures consumers’ short-term outlook for income, business, and labor market conditions, fell to 87.6 from 89 last month.
Consumer optimism was somewhat buoyed when looking to the short term, with the percentage of consumers expecting short-term business conditions to improve over the next six months increasing to 24.1 percent from 22.7 percent.
Consumers’ optimism about short-term business conditions also increased in November; fewer expect business conditions to worsen, down to 20.7 percent from 21.9 percent last month.
Looking at the short-term labor market, 22.1 percent consumers expect to see more jobs in the months ahead, down from 24.4 percent.
The percentage of consumers expecting to see fewer jobs increased to 18.9 percent, compared with 18.7 percent last month.
The percentage of consumers expecting an increase in short-term income decreased to 17.9 percent from 18.4 percent. More consumers expect their incomes to decrease—12 percent said they expect a decline, which is up from 11.2 percent.
“The Conference Board expects this to be a good holiday season for retailers and confidence levels suggest the economic expansion will continue into early 2022,” Franco said.
She noted both confidence and spending will likely have to battle rising prices and a possible rise in COVID-19 cases in the coming months.
Editors' Picks
Sponsored by
More on Surveys
The Latest
IndependentsNov 03, 2026
Longtime Jewelry Marketer Arthur Klein Dies at 89Klein, who had his own marketing agency and worked for Gabriel & Co. and Trans American Diamond, is remembered as a kind man.
AuctionsNov 03, 2026
Infinity Gauntlet Set With 170+ Carats of Colored Gemstones Up for AuctionA replica of one of the most powerful objects in the Marvel Cinematic Universe, the glove is heading to auction next month in Abu Dhabi.
IndependentsNov 03, 2026
Zadok Jewelers Toasts To 50 Years With Diamond Bracelet GiveawayTo enter the giveaway, locals can purchase a featured beverage from one of eight participating restaurants in Houston and Austin, Texas.
Brought to you by
How Overnight Mountings’ Bridal Builder Makes Custom Engagement Ring Design Easier to SellWith customization becoming more expected in engagement ring shopping, the Bridal Builder makes the process tangible.
Events & AwardsNov 03, 2026
David Yurman Gem Awards Grant Opens 2027 ApplicationsThe grant recipient will be awarded $50,000 as well as mentoring meetings with executives at David Yurman and other industry executives.
Weekly QuizOct 29, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsNov 03, 2026
NAJA, Instappraise Name 2026 Scholarship WinnersThe winners include a non-NAJA member seeking training, a member beginning NAJA courses, and a member becoming a Certified Master Appraiser.
AuctionsNov 02, 2026
197-Carat ‘Romanov Sapphire’ Heads to Sotheby’s GenevaThe rare jewel, which has links to Russia’s Romanov dynasty, is estimated to fetch up to $2 million.
Brought to you by
A Diamond Is Forever Launches 2026 Holiday Campaign Championing Natural DiamondsA Diamond Is Forever's holiday campaign reimagines natural diamond icons for a new generation celebrating individuality.
CrimeNov 02, 2026
Customs Seizes More Than 400 Fake Audemars Piguet WatchesIt is one of several seizures of counterfeit jewelry and watches by U.S. Customs and Border Protection officials in Louisville this year.
MajorsNov 02, 2026
Lawrence Bock, Caryl Capeci, Amanda Coleman-Phelps Join JA Board Jewelers of America announced the additions to its board of directors following its annual general meeting, held last week.
CollectionsNov 02, 2026
Olympian Kristi Yamaguchi, Heller Jewelers Expand ‘Always Dream’ CollectionThe jewelry collection supports Yamaguchi’s Always Dream foundation, which provides reading and educational resources to families in need.
Events & AwardsOct 30, 2026
Illuminating Carved Paraiba Pendant, Suite of Moonstones Wow at Spectrum AwardsSpectrum’s “Best of Show” honors went to a 101-carat Paraiba carved to look like Medusa that has a magnet-activated LED light.
TrendsOct 30, 2026
Edina Kiss’ Pendants Say ‘Eye’m Watching You’Our Halloween Pieces of the Week are four “Eye” pendants, each set with colorful gemstones.
MajorsOct 30, 2026
The RealReal Hires Former eBay Exec as New Chief Merchandising OfficerAlexis Hoopes expanded eBay’s “Authenticity Guarantee” program during her tenure.
WatchesOct 29, 2026
Bucherer Opens Rolex Boutique in Washington StateThe Rolex-owned retailer’s new 4,700-square-foot store’s façade honors the Pacific Northwest’s evergreen forests.
TrendsOct 29, 2026
Amanda's Style File: All Treats, No Tricks Get into the Halloween spirit with this roundup of 13 spooky jewels.
MajorsOct 29, 2026
Gesswein Hires Longtime Bench Jeweler, Educator Ann CahoonCahoon was appointed strategic account and educational program manager at Gesswein, which recently joined Continental Buying Group.
MajorsOct 29, 2026
Amanda Seyfried Stars In Tiffany & Co.’s Holiday CampaignTiffany & Co.’s latest ambassador makes her debut in its “Love Is a Gift” holiday campaign.
EditorsOct 28, 2026
These Wicked Jewels Will Cast a Spell on YouFor her annual Halloween story, Senior Editor Lenore Fedow highlights bewitching jewels fit for a witch that go from day to unholy night.
CrimeOct 28, 2026
Man In Florida Who Swallowed Tiffany & Co. Earrings ConvictedJaythan Gilder was found guilty of robbery and grand theft after stealing and then ingesting nearly $800,000 worth of Tiffany & Co. jewelry.
MajorsOct 28, 2026
Stuller’s Holiday Campaign Lets the ‘Magic of the Moment’ ShineThe holiday campaign includes key jewelry trends, a curated holiday gift guide, and resources to help jewelers prepare for holiday shoppers.
SourcingOct 27, 2026
De Beers Celebrates the Holidays With New ‘Desert Diamonds’ CampaignThe “Icons” holiday campaign spotlights four classic diamond jewelry styles reimagined in “Desert Diamond” tones.
IndependentsOct 27, 2026
Solomon Brothers Acquires Mervis Diamond ImportersSolomon Brothers, which has three stores in the Metro Atlanta area, said it may continue to acquire other independent jewelers.
IndependentsOct 27, 2026
Gabriel & Co. Supports Charity Partner DKMS With Gala, New JewelsThe fine jewelry brand raised $2.3 million at its annual gala that supports the nonprofit’s fight against blood cancer and blood disorders.
Events & AwardsOct 27, 2026
JFC Announces 2027 ‘Facets’ HonoreesThe annual fundraising event is slated for June 6, 2027, at The Venetian Resort in Las Vegas.
CollectionsOct 26, 2026
Bliss Lau’s ‘Vantage’ Point Is the Hawaiian HorizonIn her “Vantage” collection, Lau explores heritage, identity, and inner strength through designs featuring blue-green Guatemalan jade.
MajorsOct 26, 2026
Tiffany & Co. Takes Consumers Behind the ScenesThe jeweler gave the public backstage tours of its flagship store and its design and innovation workshop as part of LVMH’s open house.
