Surveys

Consumer Confidence on the Rise in June

SurveysJul 10, 2023

Consumer Confidence on the Rise in June

Consumer spending may shift to services as “revenge spending” on post-pandemic travel slows, said the Conference Board.

Hand holding shopping bags
The Conference Board’s consumer confidence index rose to 109.7 in June from 102.5 in May.
New York—U.S. consumers were feeling more confident in June as younger consumers’ outlook on the current and future economic situation brightened, though fears of a recession still loom.
 
The Conference Board’s consumer confidence index rose to 109.7 in June from a slightly upwardly revised 102.5 in May.
 
“Consumer confidence improved in June to its highest level since January 2022, reflecting improved current conditions and a pop in expectations,” said Dana Peterson, chief economist at The Conference Board. 

“Greater confidence was most evident among consumers under age 35, and consumers earning incomes over $35,000. Nonetheless, the expectations gauge continued to signal consumers anticipating a recession at some point over the next six to 12 months.”

The Present Situation Index, which measures consumers’ current view of business and labor market conditions, rose to 155.3 from 148.9 in May.

Consumers’ assessment of current business conditions was more positive in June.

The percentage of respondents who said current business conditions are “good” was up to 24 percent from 20 percent in May, while those who said conditions were “bad” decreased, down to 16 percent from 17 percent.
 
Consumers also had a more positive view of the labor market.
 
The percentage of respondents who felt jobs were plentiful was up to 47 percent in June from 43 percent in May, while 12 percent said jobs were “hard to get” compared with 13 percent the previous month.
 
 Related stories will be right here … 

The Expectations Index, which measures consumers’ outlook for income, business, and labor market conditions in the near future, rose to 79.3 from 71.5 in May.

The Expectations Index has remained below 80—the level associated with a recession within the next year—every month since February 2022, with the exception of a brief uptick in December 2022, according to the Conference Board.

Still, June’s reading fell just below that threshold, the organization pointed out, and increased significantly when compared with May.

Consumers were slightly more optimistic about the short-term business conditions outlook, with 14 percent expecting business conditions to improve, up from 13 percent in May.
 
Fewer respondents expect business conditions to worsen—18 percent compared with 21 percent.
 
Consumers’ view of the short-term labor market also was upbeat.
 
More respondents expect more jobs to be available, up to 16 from 14 percent. 
 
Meanwhile, 16 percent expect there to be fewer jobs, down from 21 percent in May.

“Assessments of the present situation rose in June on sunnier views of both business and employment conditions. Indeed, the spread between consumers saying jobs are ‘plentiful’ versus ‘not so plentiful’ widened, indicating upbeat feelings about a labor market that continues to outperform,” said Peterson.

Improving expectations about the next six months also signal greater confidence in future business conditions and job availability, she said.

Consumers’ short-term income expectations, however, were more pessimistic.
 
Fewer respondents expect to see their incomes increase, down to 17 percent from 19 percent in May, while 12 percent expect their incomes to decrease, up from 11 percent.
 
The Conference Board recently added a new set of questions to its monthly survey, asking consumers how they felt about their family finances.

In June, respondents’ answers reflected “largely healthy” family finances, said the Conference Board.

The number of respondents who described their current family financial situation as “good” remained essentially flat in June, holding around 29 percent.  

Fewer respondents described their family financial situation as “bad,” down to 18 percent from 20 percent.

Looking ahead, consumers’ outlook on their family finances in six months’ time improved.

Thirty percent of respondents said they expect their family finances to be “better,” up from 29 percent in May, while 14 percent expect them to be “worse,” down from 15 percent.

“This positive outlook might reflect consumers’ expectation that labor market conditions will remain favorable and that there may be further declines in inflation ahead,” said the Conference Board.

The Conference Board also added a measure to gauge respondents’ thoughts on a recession.

In June, 69 percent of consumers said a recession is “somewhat” or “very likely,” down from 73 percent in May.

Recession fears had been rising steadily since August 2022, said the Conference Board, but “eased considerably” in June.

Notably, plans to make big purchases, both automobiles and home, have slowed down after seeing an uptick earlier in the year.

This may be in response to the rising costs of financing those items as the Federal Reserve continues to raise interest rates, said the Conference Board.

Vacation plans within the next six months are also flagging, led by a decline in plans for domestic travel.

“This is an important indicator of desire to spend on services ahead, which may be a signal that post-pandemic ‘revenge spending’ on travel may have peaked and is likely to slow over the rest of this year,” said Peterson.

The consumer confidence stats for July will be available July 25. 

The Latest

Brian and Jessie Mann
IndependentsJul 19, 2024
Longtime D.C. Jeweler Brian Mann Dies at 70

Mann, whose family’s jewelry store was located inside the Pentagon, is remembered for being a thoughtful champion of the industry.

Tudor store in Denver
IndependentsJul 19, 2024
The 1916 Company Opens New Tudor Boutique

The 500-square-foot boutique is located in Denver’s Cherry Creek Shopping Center.

Messika’s So Move Max Necklace
CollectionsJul 19, 2024
Piece of the Week: Messika’s ‘So Move Max’ Necklace

Dance all night long with the “So Move Max” set’s necklace.

Untitled design.jpg
Brought to you by
The End of an Era? Lab-Grown Diamonds' Journey Towards Price Stability

As the demand for lab-grown diamond jewelry may still be increasing, the most notable change we are likely to see is price stabilization.

Julien Tornare and Antoine Pin
WatchesJul 18, 2024
TAG Heuer, Hublot Will Have New CEOs

Luxury giant LVMH is reshuffling the leadership in its watches division.

Weekly QuizJul 18, 2024
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Etsy billboard rendering in NYC
MajorsJul 18, 2024
New Etsy Campaign Prioritizes Creators Amid Backlash

Sellers and shoppers have spoken out against a rise in mass-produced merchandise on the platform meant to highlight handmade goods.

Ariana Grande Modeling in Swarovski Jewelry
MajorsJul 18, 2024
Swarovski Names Ariana Grande as Its New Brand Ambassador

The celebrity will star in Swarovski’s holiday campaign.

1872 x 1052 Gemolite.jpg
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional Edition

GIA®’s most advanced microscope has new features to optimize greater precision and comfort.

Grizzly emerald
SourcingJul 18, 2024
Grizzly Emerald Auction Garners $32.5 million

The miner said an 835-carat emerald saw “stiff competition” in its July sale.

Tahnee Barbee, Gigi Sui, and Daniela Villacorta
Events & AwardsJul 18, 2024
MJSA Education Foundation Announces 3 Scholarship Winners

The winners were awarded $3,000 each to pursue a professional career in jewelry making and design.

Radhika Merchant’s Wedding Portrait
EditorsJul 17, 2024
6 Lavish Looks from the Ambani Wedding

Feast your eyes on the elaborate jewels worn during the wedding celebration of Anant Ambani and Radhika Merchant.

Smiling Rocks Haute Couture Dream Necklace
Lab-GrownJul 17, 2024
Lab-Grown Diamond ‘Dream’ Necklace Sells for $122K at Charity Auction

The piece, created by Smiling Rocks, was the top lot at the recent Ormeley Dinner.

Diavik Diamond Mine solar power plant
SourcingJul 17, 2024
Rio Tinto’s Diamond Production Down 28% in Q2

The company’s sole remaining diamond operation, Diavik, produced 702,000 carats of diamonds, down from 970,000 a year ago.

Buccellati high jewelry earrings
FinancialsJul 17, 2024
Richemont’s Q1 Jewelry Sales Up 2%

In contrast, the luxury giant’s watch sales fell 14 percent.

This year marks the 40th anniversary of the jewelry design contest.
Events & AwardsJul 16, 2024
2024 AGTA Spectrum Awards Open for Entries

This year marks the 40th anniversary of the jewelry design contest and the deadline for entries has just been extended.

Macy’s Herald Square store
MajorsJul 16, 2024
Macy’s Ends Buyout Talks

The retailer will not be making a deal with Arkhouse Management and Brigade Capital Management, opting to focus on its turnaround plan.

Crime police cars
CrimeJul 16, 2024
Thieves Nab $500K in Jewelry in Calif. Group Smash-and-Grab

The Berkeley robbery follows two other Bay Area robberies involving multiple suspects, one in May and one in June.

National Jeweler columnist Lilian Raji
ColumnistsJul 16, 2024
The PR Adviser: Awareness Starts With Your Online Store

Lilian Raji discusses the importance of having an intentional website design that aligns with your brand or store’s goals.

Catbird The Met collection
CollectionsJul 16, 2024
Catbird Debuts New Met Collection

It’s the second collaborative offering from the jewelry brand and the New York City art museum.

Craftsman holding Pomellato Arengario necklace
MajorsJul 16, 2024
Pomellato Acquires Valenza Setting Lab

The Kering-owned brand bought VSL to reinforce its manufacturing capabilities.

Ewa Abrams, Kering’s new president for the Americas
MajorsJul 16, 2024
Kering Appoints New President for Americas Region

The luxury conglomerate promoted General Counsel Ewa Abrams to the role, succeeding Laurent Claquin.

Tanzanite ring
MajorsJul 15, 2024
Signet Falls 11 Spots on NRF’s ‘Top 100’ Retailers List

The jewelry giant came in at No. 67 on the list, down from No. 56 last year.

 2025 Gem Awards logo
Events & AwardsJul 15, 2024
Nominations Are Open for the 2025 Gem Awards

Submissions in the categories of Jewelry Design, Media Excellence, and Retail Excellence will be accepted through Aug. 23.

Sunlit’s Sun Goddess Supreme Ring and Pyramid Rutilated Quartz Necklace
Events & AwardsJul 15, 2024
NY Now Expands Emerging Designer Segment for Its Summer Market

Curated at Luxury Lifestyle will build on the former initiative, the Emerging Fine Jewelry Designer Incubator.

Collage of Caitlin Albritton and her jewelry
Events & AwardsJul 15, 2024
Halstead Announces 2024 Grant Winner

Caitlin Albritton won the 19th annual Halstead Grant for emerging jewelry businesses.

Myne London
CollectionsJul 12, 2024
Myne London to Support Malala Fund

The emerald supplier will donate a percentage of sales from its “Star Power” earrings to the nonprofit in support of girls’ education.

The Jewelry Symposium logo
Events & AwardsJul 12, 2024
The Jewelry Symposium Is Looking for Speakers

TJS is seeking jewelry manufacturing and technology experts to speak at its 2025 event.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy