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 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.
The Latest

The company plans to raise the prices of select watches to offset the impact of tariffs.

Between tariffs and the sky-high cost of gold, designers enter this year’s Las Vegas shows with a lot of questions and few answers.

Designed by founder Renato and his daughter Serena Cipullo, it showcases a flame motif representing unity and the power of gathering.

More shoppers are walking out without buying. Here’s how smart jewelers can bring them back—and the tool they need to do it right.

However, the tariffs remain in effect in the short term, as an appeals court has stayed the U.S. Court of International Trade’s decision.


The pop icon is one step closer to launching her “B Tiny” jewelry collection, a collection she first began posting about last fall.

Sponsored by Stuller

Gain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.

It was featured in the miner’s latest sale, which brought in $24.8 million.

GemText AI uses artificial intelligence to generate tailored product titles, descriptions, and tags with jewelry-specific language.

The 3,300-square foot location is the jeweler's largest store in North America.

Aging and with myriad health issues, none will serve time for their roles in robbing the billionaire celebrity at gunpoint in 2016.

The WNBA team received rings imbued with meaning, from leaf motifs and its Liberty torch to the number of diamonds used.

A longtime executive at RDI Diamonds, Rickard has served on the JBT board for the past five years.

The two organizations have signed an affiliation agreement that’s expected to be finalized in the coming weeks.

The platinum and diamond watch is part of Sotheby’s upcoming Important Watches sale.

Recovered in Mozambique, “The Kat Florence Lumina” was part of Bonhams’ Hong Kong jewelry auction held last week.

Get a taste of the delicious candy-like gemstones in this Amanda’s Style File.

JSA’s Scott Guginsky provided a list of nine security measures jewelers should observe while locking up for the long weekend.

From Lau’s “Love of a Kind” series, the engagement ring was inspired by the moon and holds a different meaning depending on how it is worn.

The lab has adjusted the scale it uses for nacre grading.

Sponsored by GCAL by Sarine

David Walton will serve three years’ probation after an incident in a hotel bar led to the death of West Virginia jeweler David Ettinger.

The retailer also provided an update on how the tariffs situation in the U.S. is affecting its business.

The family-owned jeweler in Great Falls, Virginia, will be celebrating its golden jubilee with a year’s worth of events.

The nonprofit elected five judges who will decide the winners of its design competition.

This year’s edition includes articles on the favorite tools of notable designers, evaluating when to outsource production, and more.