SurveysJan 31, 2024
Here’s What the NRF Is Saying About Valentine’s DaySurveysFeb 01, 2024
Consumer Confidence in January Highest Since End of 2021
The Conference Board attributed the upbeat results to slowing inflation and the anticipation of lower interest rates.
The Conference Board’s consumer confidence index rose to 114.8 in January—its highest level since December 2021—from a downwardly revised 108.0 in December 2023.
New York—U.S. consumer confidence climbed in January, reaching its highest level since December 2021 and marking the third consecutive monthly increase.
The Conference Board’s consumer confidence index rose to 114.8 in January from a downwardly revised 108.0 in December.
“January’s increase in consumer confidence likely reflected slower inflation, anticipation of lower interest rates ahead, and generally favorable employment conditions as companies continue to hoard labor,” said Dana Peterson, chief economist at The Conference Board.
The gain was seen across all age groups, but largest for consumers 55 and over, said Peterson.
Confidence improved for all income groups except those at the top. Households earnings $125,000 or more saw a slight decline.
Consumers are still concerned about rising prices, according to write-in responses, but inflation expectations fell to a three-year low.
However, plans to make big purchases were down. On a month-to-month and six-month basis, buying plans for autos, homes, and big-ticket appliances were down in all three categories.
Respondents continued to favorably rate their income and personal finances over the next six months.
As for a recession, its “Consumers’ Perceived Likelihood of a US Recession over the Next 12 Months” metric “gradually eased” in January, The Conference Board said.
The Present Situation Index, which measures consumers’ current view of business and labor market conditions, soared to 161.3 from 147.2 in December.
Peterson attributed the climb to more positive views of business conditions and employment.
When asked to assess their current family financial conditions (a measure not included in calculating the Present Situation Index), more people said “good” and fewer people said “bad.”
“This suggests consumers are starting off the year in good spirits about their current finances,” said Peterson.
Consumers’ view of current business conditions was more positive in January, with the percentage of respondents who said current business conditions are “good” up to 23 percent from 21 percent, while those who said conditions are “bad” decreased to 14 percent from 17 percent.
Consumers also had a positive view of the current labor market.
The percentage of respondents who felt jobs were plentiful was up to 46 percent in January from 40 percent, while 10 percent said jobs were “hard to get,” down from 13 percent.
Related stories will be right here …
The Conference Board’s consumer confidence index rose to 114.8 in January from a downwardly revised 108.0 in December.
“January’s increase in consumer confidence likely reflected slower inflation, anticipation of lower interest rates ahead, and generally favorable employment conditions as companies continue to hoard labor,” said Dana Peterson, chief economist at The Conference Board.
The gain was seen across all age groups, but largest for consumers 55 and over, said Peterson.
Confidence improved for all income groups except those at the top. Households earnings $125,000 or more saw a slight decline.
Consumers are still concerned about rising prices, according to write-in responses, but inflation expectations fell to a three-year low.
However, plans to make big purchases were down. On a month-to-month and six-month basis, buying plans for autos, homes, and big-ticket appliances were down in all three categories.
Respondents continued to favorably rate their income and personal finances over the next six months.
As for a recession, its “Consumers’ Perceived Likelihood of a US Recession over the Next 12 Months” metric “gradually eased” in January, The Conference Board said.
The Present Situation Index, which measures consumers’ current view of business and labor market conditions, soared to 161.3 from 147.2 in December.
Peterson attributed the climb to more positive views of business conditions and employment.
When asked to assess their current family financial conditions (a measure not included in calculating the Present Situation Index), more people said “good” and fewer people said “bad.”
“This suggests consumers are starting off the year in good spirits about their current finances,” said Peterson.
Consumers’ view of current business conditions was more positive in January, with the percentage of respondents who said current business conditions are “good” up to 23 percent from 21 percent, while those who said conditions are “bad” decreased to 14 percent from 17 percent.
Consumers also had a positive view of the current labor market.
The percentage of respondents who felt jobs were plentiful was up to 46 percent in January from 40 percent, while 10 percent said jobs were “hard to get,” down from 13 percent.
The Expectations Index, which measures consumers’ outlook for income, business, and labor market conditions in the near future, rose to 83.8 from the downwardly revised 81.9 in December.
The index went up due to “receding pessimism around future business conditions, labor market, and income prospects,” said Peterson.
Expectations that interest rates will rise in the year ahead “plummeted,” said the organization.
The average 12-month inflation expectations fell to 5.2 percent, the lowest since March 2020 (4.5 percent).
The number of consumers that expect stock prices to be higher in the year ahead was down slightly after a December surge but remained near three-year highs.
Looking at short-term business conditions, respondents’ outlooks were more pessimistic, with 17 percent of respondents expecting business conditions to improve, down from 19 percent in December, while 16 percent expected them to worsen, down from 18 percent.
Consumers’ assessment of the short-term labor market outlook in December was mixed.
The percentage of respondents who expect more jobs to be available was down to 16 percent from 18 percent in December, while 15 percent expect fewer jobs to be available, down from 18 percent.
Consumers’ short-term income expectations were also mixed.
Fewer respondents expect to see their incomes increase (16 percent in January versus 18 percent in December) while 12 percent expect their incomes to decrease, down from 14 percent in December.
The Conference Board recently added a set of questions to its monthly survey, asking consumers how they felt about their family finances.
In January, consumers’ views of their families’ current financial situation were more positive while views of the six-month situation remained optimistic.
The Latest
IndependentsMar 20, 2025
Korman Fine Jewelry’s New Store Is Double the Size The Austin, Texas, jeweler’s new 11,000-square-foot store is set to open this summer.
Events & AwardsMar 20, 2025
JCK Rocks to Feature Snoop Dogg, Jason DeruloThe rapper and singer-songwriter will perform at Tao Beach on June 8.
TechnologyMar 20, 2025
Chris Ploof, Severine Ferrari Launch YouTube Video Series“Conversations with Chris Ploof” covers tips for men buying wedding bands, behind-the-scenes footage of Ploof in his studio, and more.
Brought to you by
Watch: GIA Field Gemology at the One-Hundredth Expedition: A Look Back and to the FutureSupplier Spotlight Sponsored by GIA
Lab-GrownMar 20, 2025
Beyond Jewelry: Possibilities in the Lab-Grown Diamond SectorAs lab-grown diamond brands pop up across India, academics are researching how to grow demand outside of the jewelry industry.
Weekly QuizMar 14, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsMar 19, 2025
Signet Jewelers to Close Stores, Cut Staff Amid Declining SalesThe moves are part of the retailer’s new turnaround plan, “Grow Brand Love,” which also includes emphasizing brand loyalty over store banners.
CollectionsMar 19, 2025
Jessica McCormack’s New Collection Elevates Office WearThe “Rush Hour” campaign stars Zoë Kravitz in bold, wearable pieces designed to make a statement in the workplace.
Brought to you by
Natural Diamonds Should Mean MoreNatural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.
WatchesMar 19, 2025
Breitling Acquires Another Watch Brand From the 1800sBreitling is reviving Gallet, which was founded in 1826 and is known for making watches used in the early days of long-distance travel.
AuctionsMar 19, 2025
10-Carat Fancy Vivid Blue Diamond Expected to Sell for $20MDubbed the “Mediterranean Blue,” this “remarkably rare” diamond will be part of Sotheby’s May jewelry auction in Geneva.
MajorsMar 19, 2025
AGS Adds New Program, Relaunches CSAThe American Gem Society now offers a Jewelry Evaluation Advisor designation as well as an updated Certified Sales Associate designation.
CollectionsMar 18, 2025
Beck Debuts New Collection as Trove’s Latest Designer-in-ResidenceRebecca Zeijdel-Paz created more than 75 new pieces for the residency, which will be on display at Trove’s store in New York through April.
ColumnistsMar 18, 2025
Peter Smith: The Importance of Culture in HiringSmith explores why a qualified candidate might still not be right for the job.
Events & AwardsMar 18, 2025
Fink’s Jewelers Is Now a Regional Emmy WinnerThe company and its marketing agency, Loudr, were recognized for the “Make You Dance” marketing campaign.
WatchesMar 18, 2025
Citizen Announces New Modern Luxury Watch CategoryThe “Series8” and “Attesa” collections will be grouped under Citizen Premier.
MajorsMar 18, 2025
Borsheims Names New Assistant IT ManagerDavid Fager, a former systems engineer at the retailer, was promoted to the role.
Events & AwardsMar 17, 2025
Gem Awards Honor All Facets of the IndustryFrom retailers to designers and the media, the fine jewelry industry recognized one another’s work and looked to the future.
Events & AwardsMar 17, 2025
GIA Names Winner of Emerging Jewelry Design Talent AwardEleanor H. Yeh is the recipient of the eighth annual Gianmaria Buccellati Foundation Award for Excellence in Jewelry Design.
MajorsMar 17, 2025
Tous Names U.S. Managing Director, VPJoseph Cavalcante takes on the dual role as the Spanish jewelry brand looks to expand further into the U.S. market.
Events & AwardsMar 17, 2025
CBG Expands Las Vegas Show to 3 DaysThe trade show has also upgraded its venue to the Caesars Forum Conference Center.
IndependentsMar 14, 2025
Stafford’s Diamonds in Ohio to Close After 40 YearsThe Dayton-based jeweler, which has been in business since 1985, was formerly known as Stafford Jewelers.
Events & AwardsMar 14, 2025
JVC Reveals Recipient of Stanley Schechter AwardReeds Jewelers CEO Alan Zimmer will be presented with the honor at JVC’s annual luncheon.
CollectionsMar 14, 2025
Piece of the Week: Sorellina’s Aries Zodiac PendantThe piece, celebrating birthdays from March 21 to April 19, debuted with Sorellina’s new line of astrological pendants.
MajorsMar 13, 2025
Tanishq Opens 2 New Stores in the U.S.The Indian jewelry brand recently opened stores in Atlanta and Seattle.
FinancialsMar 13, 2025
Brilliant Earth’s 2024 Sales Struggled Amid Engagement RecoveryCEO Beth Gerstein shared its most popular price points, what’s trending in non-bridal fine jewelry, and its holiday performance.
CollectionsMar 13, 2025
Chopard Unveils High Jewelry Collection Created From 6,225-Carat Emerald The 15 pieces were crafted from the “Insofu” emerald, discovered in Zambia in 2010.
MajorsMar 13, 2025
Jewelers Mutual Names New CFO, TreasurerChris Anderson is joining the insurance provider as the new chief financial officer and treasurer.
