Surveys

Consumer Confidence Is Down Yet Shoppers Continue to Spend

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.

Stock image of hand holding shopping bags
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 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

Jade Ruzzo Gloria Collar
EditorsJun 17, 2025
The Best New Jewelry from Couture 2025, Part 1

Associate Editor Natalie Francisco shares 20 of her favorite pieces from the jewelry collections that debuted at Couture.

Jewelry industry author, speaker, and sales expert Peter Smith
ColumnistsJun 17, 2025
Peter Smith: Is Your Comp Plan a Hiring Hindrance?

If you want to attract good salespeople and generate a stream of “sleeping money” for your jewelry store, then you are going to have to pay.

Selection of jewelry from Sotheby’s New York High Jewelry sale
AuctionsJun 17, 2025
Colored Gemstones, Signed Jewels Shine in Sotheby’s High Jewelry Sale

The top lot was a colorless Graff diamond, followed by a Burmese ruby necklace by Marcus & Co.

an instructor and a student in a bench jewelry classroom
Brought to you by
Investing in the Next Generation of Bench Jewelers

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

Amanda Gizzi, Jewelers of America’s SVP of corporate affairs
MajorsJun 17, 2025
Amanda Gizzi Gets a Promotion at JA

Gizzi, who has been in the industry since 2001, is now Jewelers of America’s senior vice president of corporate affairs.

Weekly QuizJun 12, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Kering CEO Luca de Meo
MajorsJun 17, 2025
Kering Names Automotive Exec as Its New CEO

Luca de Meo, a 30-year veteran of the auto industry, will succeed longtime CEO François-Henri Pinault.

Botswana Minster of Minerals and Energy Bogolo Joy Kenewendo
EditorsJun 16, 2025
Q&A: Bogolo Joy Kenewendo on Mining, Tariffs, and the Energy of Las Vegas

Following visits to Vegas and New York, Botswana’s minerals minster sat down with Michelle Graff to discuss the state of the diamond market.

Jewelers of America logo with meetup, State of the Majors, giveaway and massages
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025

The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.

Greenwich Street Jewelers Your Love Has the Perfect Ring Campaign
IndependentsJun 16, 2025
Greenwich St. Jewelers Launches Commitment Campaign Celebrating LGBTQ+ Couples

The “Your Love Has the Perfect Ring” campaign showcases the strength of love and need for inclusivity and representation, the jeweler said.

Ivette Nersesyan-Stephanopoulos
MajorsJun 16, 2025
Ivette Nersesyan-Stephanopoulos Joins Tiffany & Co.

The former De Beers executive is the jewelry house’s new director of high jewelry for the Americas.

New York Liberty Nyara Sabally Catbird campaign
MajorsJun 16, 2025
Catbird Names WNBA Star Nyara Sabally as Its New Brand Ambassador

The New York Liberty forward is the first athlete to represent the Brooklyn-based jewelry brand.

Robinson Pelham Fruits of Love Pear Earrings
CollectionsJun 13, 2025
Piece of the Week: Robinson Pelham’s Pear Earrings

Take a bite out of the 14-karat yellow gold “Fruits of Love Pear” earrings featuring peridots, diamond stems, and tsavorite leaves.

Three diamonds with diagrams
Events & AwardsJun 13, 2025
AGA to Host ‘Diamonds From Mine to Market’ Education Conference

The one-day virtual event will feature speakers from De Beers, GIA, and Gemworld International.

Ella Sophie
EditorsJun 12, 2025
15 Questions With Jewelry Photographer Ella Sophie

The California-based creative talks jewelry photography in the modern era and tackles FAQs about working with a pro for the first time.

A pink gold Patek Philippe perpetual calendar chronograph Ref. 2499
AuctionsJun 12, 2025
Vintage Patek Philippe From the ‘50s Sells for $4M at Sotheby’s

Al Capone’s pocket watch also found a buyer, though it went for less than half of what it did at auction four years ago.

Gabriel Love Foundation Logo
Events & AwardsJun 12, 2025
Gabriel Love Foundation Introduces Scholarship Honoring Elias Gabriel

The foundation has also expanded its “Stronger Together” initiative with Jewelers for Children.

Celine Assimon
AuctionsJun 12, 2025
Former De Beers Exec Celine Assimon Joins Bonhams

Assimon is the auction house’s new chief commercial officer.

De Beers CEO Al Cook speaking at JCK Las Vegas 2025
EditorsJun 11, 2025
Q&A: Al Cook on Differentiating Natural Diamonds, Traceability, and Tariffs

The De Beers Group CEO discusses the company’s new “beacon” program, the likelihood diamonds will be exempt from tariffs, and “Origin.”

Pandora Las Vegas ribbon cutting ceremony
MajorsJun 11, 2025
Pandora Bets on Las Vegas for First North American Flagship

The Danish jewelry giant hosted its grand opening last weekend, complete with a Pandora pink roulette wheel.

Tiffany Stevens
GradingJun 11, 2025
Tiffany Stevens Exits IGI, Lab Appoints New Board Leader

Industry veteran Anoop Mehta is the new chairman and independent director of the IGI board.

Lee Min Seo and Ianyan Jewelry
Events & AwardsJun 11, 2025
Kering Announces Winners of Sustainability-Focused Award

The winners of the inaugural “Kering Generation Award x Jewelry” are student Lee Min Seo and China-based startup Ianyan.

De Beers desert diamonds
SourcingJun 10, 2025
De Beers Turns to Brown, Yellow Diamonds for New ‘Beacon’

“Ombré Desert Diamonds” will emphasize cream-, champagne-, and brown-colored diamonds, shades that set natural stones apart from lab grown.

Gresham grasshopper ring
AuctionsJun 10, 2025
Noonans to Auction 16th-Century Signet Ring

It's one of the “Gresham grasshopper” rings English financier Sir Thomas Gresham was known to gift to acquaintances or business associates.

Mary Chiam
CollectionsJun 10, 2025
Tabayer Names Mary Chiam as CEO

The brand also debuted its new “Zorae” collection featuring a talisman of protection and harmony inspired by a sheaf of wheat.

Lauren Johansen
MajorsJun 10, 2025
Lauren Johansen Joins Loudr

As Loudr’s new account manager, Johansen will partner with clients to craft and execute marketing strategies.

Lunar Rain cat locket
Events & AwardsJun 09, 2025
And the Winners of the 2025 Couture Design Awards Are …

Designers were recognized in 12 categories, from platinum to pearls, before the evening ended with a new, retail-focused award.

Nancy Astor tiara
AuctionsJun 09, 2025
Nancy Astor’s Cartier Tiara Sells for $1.2M

The rare turquoise and diamond jewel was the top lot at Bonhams’ June jewelry sale.

×

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