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.
More on Surveys
The Latest
TrendsJul 31, 2026
These Pieces of the Week Are Sweet Edina Kiss’ “Popsicle” pendant and Karina Choudhrie’s “Ice Cream” charm satisfy that summer craving for a sweet piece of jewelry.
MajorsJul 31, 2026
Macy’s Iconic Red Shopping Bag Sign Torn DownThe massive billboard has been in the same spot on the department store’s Herald Square flagship store for decades.
SourcingJul 31, 2026
Gemfields’ H1 Revenue Jumps 72%The miner’s ruby and emerald auctions brought in a combined $102.9 million.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
SourcingJul 30, 2026
De Beers Sale in ‘Final, Most Challenging’ Phase, Anglo CEO SaysThe goal is for the De Beers sale to be finished by the second half of 2026, with the subsequent approvals process expected to take a year.
Weekly QuizJul 30, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Policies & IssuesJul 30, 2026
JA Heads Back to Washington as New Wave of Tariffs Takes Effect David Bonaparte, along with Tim Haake and Ronnie VanderLinden, continue to lobby for tariff exemptions for diamonds, gemstones, and pearls.
Events & AwardsJul 30, 2026
Vicenzaoro Releases 2026 Education LineupThe trade show, slated for Sept. 4-8 in Vicenza, Italy, will feature sessions on trends, AI, gemology, and manufacturing.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
Events & AwardsJul 30, 2026
Hillsborough Show Moves to New Location for 2026The public shopping event featuring art, jewelry, watches, and rare collectibles, will take place in Santa Clara, California, this fall.
EditorsJul 29, 2026
Q&A: The Past and Future of Angola’s Diamond Industry Endiama Commercial Director Elton Escrivão knows people have a lot of misperceptions about Angola. He wants to change that.
MajorsJul 29, 2026
Kevin Reilly Retires After 39 Years in the Jewelry Industry Reilly has been with PGI USA for the last 20 years, leading partnership development and professional education.
FinancialsJul 29, 2026
Kering’s H1 Jewelry Sales Up 14%Boucheron reached record sales while Pomellato found success in its signature collections.
Events & AwardsJul 29, 2026
Lauren Harwell Godfrey Designs a Flag for ArkansasShe was one of more than 120 American designers who created flags for the “United Flags of Fashion” project led by CFDA and Vogue.
ColumnistsJul 28, 2026
Peter Smith: Why Your Job Postings May Be Working Against You Smith reveals the method The Retail Smiths use to help retailers and vendors write better job postings.
FinancialsJul 28, 2026
Tiffany & Co., Bulgari Lead the Way for LVMH in H1LVMH’s jewelry and watch brands outperformed the company’s other divisions in an environment the company described as “disrupted.”
CollectionsJul 28, 2026
Lionheart’s New Collection Unites Spiritual Iconography“Sacred Heart” features symbols like crosses, angel wings, the Star of David, and the evil eye as a representation of coexistence.
Events & AwardsJul 28, 2026
The Edge Funding 2 Scholarships Via 24 Karat Club SEUS The scholarships will go to early-career professionals looking to study gemology, bench work and jewelry design, or store operations.
SourcingJul 27, 2026
‘Rubies’ Goes on Display at Harvard MuseumThe exhibition reveals the gemology, geology, and cultural history of the iconic red gemstone.
Policies & IssuesJul 24, 2026
New Trump Tariffs: What They Mean for Jewelry The new sweeping slate of tariffs impacts 60 countries, including India, China, Thailand, Hong Kong, and the United Arab Emirates.
TrendsJul 24, 2026
Amanda’s Style File: Ode to ‘The Odyssey’From coin pendants to diamond shields, these old world-inspired jewels are the perfect accessory for an epic journey.
TrendsJul 24, 2026
Courtney Leidy’s Silk Cord Pendants Center Unexpected Pairings Our Piece of the Week pairs a checkerboard-cut amethyst with an ivy green silk cord.
PodcastsJul 23, 2026
Episode 7: Reinhold Jewelers on the Power of RelationshipsMildred Marcano Abrams and Yael Reinhold join the podcast to talk community connections, holiday plans, and preserving Reinhold’s legacy.
SourcingJul 23, 2026
De Beers’ Production Jumps 88 Percent in Q2 Production also was up in the first half of 2026 but is expected to “substantially” decrease in H2 as two key mines undergo maintenance.
CollectionsJul 23, 2026
Silvia Furmanovich’s New Collection Travels Back to the 1920s“Art Deco” fuses ancestral techniques, rare materials, and modern perspectives as a tribute to the optimism and curiosity of the movement.
IndependentsJul 23, 2026
Sissy's Log Cabin Opens Casino StoreThe jeweler’s newest store is inside Arkansas’ Saracen Casino Resort.
WatchesJul 23, 2026
Movado Inks Licensing Deal With Kate Spade New YorkThe watch company will design, manufacture, and distribute Kate Spade New York watches.
Policies & IssuesJul 22, 2026
Trump to Put 50% Tariff on Canadian Goods The higher tax is set to go into effect in August and will apply to loose polished diamonds as well as precious and base metals jewelry.
