SurveysOct 23, 2023
Shoppers to Spend More on Winter Holidays This Year, Says NRF SurveysNov 01, 2023
Consumer Confidence Is Down Yet Shoppers Continue to Spend
The Conference Board’s monthly index that measures how consumers are feeling declined for the third straight month in October.
The Conference Board’s consumer confidence index fell to 102.6 in October from 104.3 in September.
New York—U.S. consumer confidence fell in October, marking the third consecutive month of decline as fears of a recession persisted, though shoppers continued to spend.
The Conference Board’s consumer confidence index decreased to 102.6 in October from an upwardly revised 104.3 in September.
“Write-in responses showed that consumers continued to be preoccupied with rising prices in general, and for grocery and gasoline prices in particular,” said Dana Peterson, chief economist at The Conference Board.
Consumers also shared concerns about politics and higher interest rates as well as ongoing conflicts, including the Israel-Hamas War.
“The decline in consumer confidence was evident across household [members] aged 35 and up, and not limited to any one income group,” said Peterson.
The Present Situation Index, which measures consumers’ current view of business and labor market conditions, declined to 143.1 from 146.2 in September.
“Assessments of the present situation were driven by less optimistic views on the state of business conditions, but consumers’ rating of current job availability held steady,” said Peterson.
Consumers’ view of current business conditions was more pessimistic in October, with the percentage of respondents who said current business conditions are “good” down to 19 percent from 21 percent in September, while those who said conditions are “bad” increased to 18 percent from 16 percent.
Consumers had a mixed view of the current labor market.
The percentage of respondents who felt jobs were plentiful was virtually flat at about 40 percent in October, while 13 percent said jobs were “hard to get,” down from 14 percent in September.
Related stories will be right here …
The Conference Board’s consumer confidence index decreased to 102.6 in October from an upwardly revised 104.3 in September.
“Write-in responses showed that consumers continued to be preoccupied with rising prices in general, and for grocery and gasoline prices in particular,” said Dana Peterson, chief economist at The Conference Board.
Consumers also shared concerns about politics and higher interest rates as well as ongoing conflicts, including the Israel-Hamas War.
“The decline in consumer confidence was evident across household [members] aged 35 and up, and not limited to any one income group,” said Peterson.
The Present Situation Index, which measures consumers’ current view of business and labor market conditions, declined to 143.1 from 146.2 in September.
“Assessments of the present situation were driven by less optimistic views on the state of business conditions, but consumers’ rating of current job availability held steady,” said Peterson.
Consumers’ view of current business conditions was more pessimistic in October, with the percentage of respondents who said current business conditions are “good” down to 19 percent from 21 percent in September, while those who said conditions are “bad” increased to 18 percent from 16 percent.
Consumers had a mixed view of the current labor market.
The percentage of respondents who felt jobs were plentiful was virtually flat at about 40 percent in October, while 13 percent said jobs were “hard to get,” down from 14 percent in September.
The Expectations Index, which measures consumers’ outlook for income, business, and labor market conditions in the near future, fell slightly to 75.6 from 76.4 in September.
When expectations fall below 80, that historically signals a recession within the next year, said the Conference Board, a prediction it first made in July.
“Consumer fears of an impending recession remain elevated, consistent with the short and shallow economic contraction we anticipate for the first half of 2024,” said the Conference Board.
Peterson noted that two-thirds of consumers said a recession is “somewhat” or “very likely” in October.
“The fluctuating soundings likely reflect ongoing uncertainty given mixed buying plans. On a six-month moving average basis, plans to purchase autos and appliances rose while plans to buy homes—in line with rising interest rates—continued to trend downward,” she said.
“The continued skepticism about the future is notable given U.S. consumers, at least through the third quarter of this year, continued to spend heavily on both goods and services,” she noted.
Looking at short-term business conditions, respondents’ outlooks were more pessimistic, for the most part.
Seventeen percent of respondents expected business conditions to improve, up from 15 percent in September, but 20 percent expected them to worsen, up from 19 percent.
Consumers’ assessment of the short-term labor market outlook in October was about the same as it was in September.
The percentage of respondents who expect more jobs to be available was nearly flat at 16 percent while 19 percent expect fewer jobs to be available, also flat month-over-month.
Consumers’ short-term income expectations were down while prospects were up slightly.
Fewer respondents expect to see their incomes increase (16 percent in October versus 18 percent in September) while 13 percent expect their incomes to decrease, down from 14 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 October, consumers’ views of their families’ current financial situation improved slightly while views of the situation six months from now softened.
The consumer confidence results for November are slated to be released Nov. 28.
More on Surveys
The Latest
SourcingOct 09, 2025
Feriel Zerouki Is Leaving De Beers The company and industry leader’s two-decade tenure with De Beers will come to a close at the end of the month.
AuctionsOct 09, 2025
This Fabergé Egg Could Crack $27M At Auction“The Winter Egg” set the world auction record for a Fabergé piece twice at previous Christie’s sales.
MajorsOct 09, 2025
Sy Kessler Buying Watch Batteries as Silver Hits Record High The company will pay 1.5x silver’s current spot price for each pound of silver oxide batteries submitted.
Brought to you by
JA New York Fall Is Right Around the CornerThe upcoming show provides savvy retailers with the opportunity to stock their cases with best sellers in advance of the holiday season.
CollectionsOct 09, 2025
Katkim Launches First Men’s CollectionThe line includes a “Shadow” series crafted exclusively for the new men’s offering and reimagined styles from the brand’s core collections.
Weekly QuizOct 09, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingOct 09, 2025
Gemfields’ Mini Mixed-Quality Ruby Auction Garners $11MThe rough on offer was recovered from a newer area at the Montepuez mine.
SourcingOct 08, 2025
In ‘Storied Diamond,’ Jared Jewelers Is Emphasizing the Journey The retailer’s new collection of engagement rings and fashion jewelry is set with natural diamonds that are traceable via blockchain.
CollectionsOct 08, 2025
Emily P. Wheeler Shifts Into Neutral for Latest ‘Ombré’ CollectionThe champagne colorway in her newest “Ombré” collection combines white and trendy brown diamonds, a departure from her usual vibrant hues.
CollectionsOct 08, 2025
Tsuba Designs Inspire Monica Rich Kosann’s New CharmsKosann partnered with the Museum of Fine Arts, Boston, to create a set of necklaces inspired by the artwork on samurai sword handguards.
CrimeOct 07, 2025
Men Who Posed as Utility Workers Found Guilty in Jeweler’s MurderCarlos Jose Hernandez and Joshua Zuazo face life in prison for the October 2024 murder of 72-year-old Detroit-area jeweler Hussein Murray.
CollectionsOct 07, 2025
Jessica McCormack Looks to Sea Spirits for ‘Tempest’ CollectionThe brand’s first high jewelry collection, “Tempest” plays with movement while calling to mind the folklore of the sea.
SourcingOct 07, 2025
Columbia Gem House Announces ‘Opals for Outback Heroes’ FundraiserProceeds from its jewelry raffle will go to a volunteer-run fire and rescue group in the Lightning Ridge area of New South Wales, Australia.
MajorsOct 07, 2025
Stuller Names Its S.E.R.V.E Stars for 2025Stuller said the recipients embody the company’s core values, which include community participation and personal and professional growth.
WatchesOct 06, 2025
This Fall, Citizen’s Forecast Calls for RainCitizen’s new “Rainell” women’s watch has a raindrop-shaped case and is available with a silver-, gold-, purple-, or green-colored dial.
AuctionsOct 06, 2025
The ‘Rolex That Made Rolex’ Heads to Auction at Sotheby’s The “Mercedes Gleitze Rolex Oyster,” named for the British endurance swimmer who made it famous, will go up for sale next month.
GradingOct 06, 2025
GIA India Names Former De Beers Exec as New Managing DirectorAmit Pratihari was previously the managing director of De Beers India and Forevermark India.
SourcingOct 06, 2025
SoCal 24 Karat Club Integrates Into Diamond Club West CoastMembers of the Jewelers 24 Karat Club of Southern California will gain access to expanded services, resources, and connections, DCWC said.
TrendsOct 03, 2025
Selena Gomez, Benny Blanco Tie the Knot Wearing Diamonds, White MetalsGomez’s jewelry included Tiffany & Co. drop-style earrings while Blanco stacked diamonds from Jacob & Co. on his wrist.
GradingOct 03, 2025
Grading Lab HRD Antwerp Names New CEODiamond industry banking veteran Paul De Wachter will take on the role in January 2026.
TrendsOct 03, 2025
Piece of the Week: Kallati’s Pink Sapphire RingTaylor Swift flaunts an Elizabeth Taylor-esque gemstone in promo for her new album, “The Life of a Showgirl.”
CollectionsOct 02, 2025
Boucheron Debuts Cuffs Crafted With 3D-Printed SandIts “Quantre Sand” capsule was made using a 3D sand printing technique borrowed from the automotive and aeronautics industries.
CrimeOct 02, 2025
$1M in Jewelry Stolen in Northern California Smash and Grab Four individuals have been charged in the “takeover-style” robbery of Heller Jewelers last month, and additional charges are expected.
MajorsOct 02, 2025
Neil Lane Jewelry Exhibition Coming to Toledo Museum of Art“Radiance and Reverie” will showcase more than 150 jewels from Lane’s personal collection by Tiffany & Co., Cartier, and more.
TrendsOct 02, 2025
Amanda’s Style File: October’s Colorful ShowThe month’s birthstones, tourmaline and opal, complement the palette of autumn.
ColumnistsOct 01, 2025
Peter Smith: Why Vendor Success Starts With Self-ReflectionSmith shares the importance of looking at your company with openness and honesty to identify opportunities you may be missing.
EditorsOct 01, 2025
Playing Favorites: The Best Jewelry From VicenzaoroAssociate Editor Natalie Francisco visited Italy to spot jewelry trends at the September Vicenzaoro show and share her top finds.
