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.
Editors' Picks
Sponsored by
More on Surveys
The Latest
SourcingSep 30, 2026
Botswana’s President, De Beers CEO Say Diamond Demand Is RecoveringPresident Duma Boko spoke at back-to-back events in the city last week, touting Botswana’s stability and the diamond “bounceback.”
CollectionsSep 30, 2026
Oscar Heyman’s Holiday Book Is ‘A Living Archive’ The catalog showcases 112 new, one-of-a-kind pieces amid highlights from the jeweler’s historic archive.
SourcingSep 30, 2026
Gemfields Posts $98.5M Loss, Writes Down Value of Ruby MineIts Montepuez Ruby Mining operation in Mozambique, which is not yielding enough high-quality rubies, has taken a $125 million hit.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
Events & AwardsSep 30, 2026
Jewelers of America, JA New York to Host Networking EventThe event will take place on the evening of Oct. 26 in New York City.
Weekly QuizSep 25, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsSep 29, 2026
Christy Bromberg, Longtime Gift Buyer for Underwood Jewelers, Dies at 68She is remembered for her joie de vivre, upbeat personality, genuine interest in other people, and love of the Alabama Crimson Tide.
AuctionsSep 29, 2026
Dionne Warwick’s Jewelry Goes Up for AuctionOnline bidding is open now for Julien’s sale of items owned by the “Walk On By” singer, whose final album comes out this fall.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
Events & AwardsSep 29, 2026
Matt Stuller to Receive 2027 Gem Award for Lifetime AchievementThe founder and executive chairman of Stuller Inc. is being honored for his impact on the jewelry industry at the 25th annual Gem Awards.
ColumnistsSep 29, 2026
Your Holiday Marketing Has a Bridal Blind SpotDecember is the most popular month to propose, and jewelers need to keep that in mind when planning their holiday marketing.
AuctionsSep 29, 2026
If You Love Cats, This Jewelry Auction Is for YouCat ladies of the jewelry world, unite. Sandy Lerner’s collection of cat jewelry and other objects is going up for auction Wednesday.
CollectionsSep 28, 2026
De Beers London Drops Water-Inspired High Jewelry Collection“Vibrations” features several firsts for De Beers’ high jewelry, including the use of chalcedony and diamonds sourced from artisanal miners.
CollectionsSep 28, 2026
Jessica McCormack Turns to Classic Motif for New CollectionThe “Bows” collection features three interpretations of the bow motif designed with Georgian and Victorian influences.
Events & AwardsSep 28, 2026
Guy Borenstein, Troy Underwood Among the Professionals Honored at AGS Conclave 2026The American Gem Society recognized industry members, one Guild, and a law enforcement official for their contributions to jewelry.
FinancialsSep 28, 2026
Instappraise, Jewelers Mutual Look to Simplify Jewelry InsuranceThrough a new system integration, customers can now receive instant personal jewelry insurance quotes at the time of appraisal.
WatchesSep 25, 2026
Smaller Rolex Watches Showing Strength on Secondary Market, Data ShowsFive of the 10 fastest-appreciating Rolex models on Bob’s Watches were Datejust 31 or Lady Datejust watches.
MajorsSep 25, 2026
Sherwood Family Buys Back Daniel’s Jewelers from Private EquityThe Sherwood family and AJS Creations CEO Tejas Shah purchased the jewelry chain back from Palladium Equity Partners.
Lab-GrownSep 25, 2026
Brilliant Earth Collabs with Elizabeth Taylor Estate on Jewelry Collection“The Elizabeth Taylor Collection” uses lab-grown diamonds and gemstones in contemporary designs inspired by the icon.
TrendsSep 25, 2026
A Peek at Taylor Swift’s Game-Day DiamondsThe artist wore Dana Rebecca Designs’ marquise diamond-set gold hoops at the Chiefs game last Sunday. Now they’re our Piece of the Week.
CrimeSep 24, 2026
From Conclave: Security Measures Jewelers Should Be TakingJSA and Jewelers Mutual shared advice on spotting suspicious behavior, combatting cell phone jammers, and staying safe at home.
AuctionsSep 24, 2026
8-Carat Blue Diamond Heads to UK Jewelry AuctionThe fancy light blue diamond is estimated to fetch up to $2.6 million at Elmwood’s next week.
TrendsSep 24, 2026
This New Jewelry Book Decodes the Secret Meaning in Victorian Jewelry“Secret Language of Victorian Jewelry” unveils the meaning behind the symbols, motifs, and gemstones used in Victorian-era jewelry.
Lab-GrownSep 24, 2026
Kira Jewels Opens B2B E-Commerce Portal for Lab-Grown Diamond Jewelry KIRAJewels.one gives retailers access to more than 500 SKUs of lab-grown diamond rings, earrings, necklaces, and bracelets.
TrendsSep 23, 2026
Holiday Diamond Jewelry Trends: Layered Looks, PersonalizationThis holiday season, look to pieces that will help to fill out customers’ everyday diamond jewelry wardrobe, experts say.
SourcingSep 23, 2026
Organization That Promotes Natural Diamond Rebrands for Third Time The Natural Diamond Council is now The Diamond Collective and has announced a new strategy under CEO Amber Pepper.
IndependentsSep 23, 2026
This Milwaukee-Area Jeweler Is Serving the 7CsPaul’s Jewelers sells coffee, chocolate, and cookies from a custom gold-wrapped trailer parked outside the store starting at 7 a.m.
