ColumnistsFeb 21, 2024
On Data: January Was a ‘Mixed Bag’ for Independent Jewelers SurveysFeb 28, 2024
Consumer Confidence Dips in February Amid Uncertainty
The Conference Board’s revised January reading suggests consumers did not start off 2024 as confidently as previously thought.
The Conference Board’s consumer confidence index fell to 106.7 in February as consumers grappled with economic uncertainty.
New York—U.S. consumer confidence took a tumble in February following three months of consecutive increases as concerns mount over economic uncertainty.
The Conference Board’s consumer confidence index fell to 106.7 in February, down from a revised 110.9 in January.
The previous January reading of 114.8 marked consumer confidence’s highest level since December 2021.
The revision “suggests there was not a material breakout to the upside in confidence at the start of 2024.”
The decline in consumer confidence in February reflects “persistent uncertainty about the U.S. economy,” said Dana Peterson, chief economist at The Conference Board.
The confidence dip was broad-based, she said, affecting all income groups except households earning less than $15,000 and those earning more than $125,000.
The dip was felt by those under the age of 35 and those 55 and over, while confidence improved slightly for those aged 35 to 54.
“February’s write-in responses revealed that while overall inflation remained the main preoccupation of consumers, they are now a bit less concerned about food and gas prices, which have eased in recent months,” said Peterson. “But they are more concerned about the labor market situation and the U.S. political environment.”
The Present Situation Index, which measures consumers’ current view of business and labor market conditions, fell to 147.2 in February from 154.9 in January.
The dip was attributed to consumers’ views of business conditions and the employment situation.
Their views on their personal finances, which are not factored into the Present Situation Index, were also more pessimistic.
Consumers’ view of current business conditions was more pessimistic in February, with the percentage of respondents who said current business conditions are “good” mostly flat at 21 percent, while those who said conditions are “bad” increased to 17 percent from 15 percent.
Consumers also had a less optimistic view of the current labor market.
The percentage of respondents who felt jobs were plentiful was down to 41 percent from 43 percent, while 14 percent said jobs were “hard to get,” up from 11 percent last month.
Related stories will be right here …
The Conference Board’s consumer confidence index fell to 106.7 in February, down from a revised 110.9 in January.
The previous January reading of 114.8 marked consumer confidence’s highest level since December 2021.
The revision “suggests there was not a material breakout to the upside in confidence at the start of 2024.”
The decline in consumer confidence in February reflects “persistent uncertainty about the U.S. economy,” said Dana Peterson, chief economist at The Conference Board.
The confidence dip was broad-based, she said, affecting all income groups except households earning less than $15,000 and those earning more than $125,000.
The dip was felt by those under the age of 35 and those 55 and over, while confidence improved slightly for those aged 35 to 54.
“February’s write-in responses revealed that while overall inflation remained the main preoccupation of consumers, they are now a bit less concerned about food and gas prices, which have eased in recent months,” said Peterson. “But they are more concerned about the labor market situation and the U.S. political environment.”
The Present Situation Index, which measures consumers’ current view of business and labor market conditions, fell to 147.2 in February from 154.9 in January.
The dip was attributed to consumers’ views of business conditions and the employment situation.
Their views on their personal finances, which are not factored into the Present Situation Index, were also more pessimistic.
Consumers’ view of current business conditions was more pessimistic in February, with the percentage of respondents who said current business conditions are “good” mostly flat at 21 percent, while those who said conditions are “bad” increased to 17 percent from 15 percent.
Consumers also had a less optimistic view of the current labor market.
The percentage of respondents who felt jobs were plentiful was down to 41 percent from 43 percent, while 14 percent said jobs were “hard to get,” up from 11 percent last month.
The Expectations Index, which measures consumers’ outlook for income, business, and labor market conditions in the near future, fell to 79.8 from the downwardly revised 81.5 in January.
Notably, an Expectations Index reading below 80 often signals recession ahead, said the Conference Board.
“Consumer expectations for the next six months deteriorated in February, driven by renewed pessimism regarding future business and labor market conditions,” it said.
Looking at short-term business conditions, respondents’ outlooks were more pessimistic, with 15 percent of respondents expecting business conditions to improve, down from 17 percent in January, while the number of respondents that expect them to worsen was virtually flat.
Consumers’ assessment of the short-term labor market outlook in February was more pessimistic.
The percentage of respondents who expect more jobs to be available was 15 percent, down from 17 percent in January, while the number of respondents who expect fewer jobs to be available essentially held at 17 percent.
Consumers’ short-term income expectations were somewhat more optimistic.
The number of respondents who expect their incomes to increase was virtually flat. However, fewer respondents (11 percent) expect their incomes to decrease, down from 13 percent.
Respondents also were more pessimistic about their family financial situation over the next six months, a measure not included in the Expectations Index.
The measure “Consumers’ Perceived Likelihood of a US Recession Over the Next 12 Months” was up after falling over the previous three months.
Expectations that interest rates will rise in the year ahead also increased slightly, which can influence customers’ plans to make purchases.
On a six-month basis, plans to buy automobiles, homes, and big-ticket appliances were down slightly.
The number of consumers planning a vacation over the next six months also declined.
However, the percentage of consumers who expect continued inflation over the next 12 months reached its lowest level since March 2020.
“This aligns with continued slowing in consumer price inflation in government reports and fewer complaints about food and energy prices in our survey,” said the Conference Board.
The Conference Board is scheduled to release its results for March on the 26th of the month.
More on Surveys
The Latest
MajorsJan 23, 2026
Watches of Switzerland Acquires 4-Store Jewelry Chain in TexasFamily-owned jewelry and watch retailer Deutsch & Deutsch has stores in El Paso, Laredo, McAllen, and Victoria.
WatchesJan 23, 2026
Damiani Group to Acquire Baume & MercierThe Italian luxury company purchased the nearly 200-year-old Swiss watch brand from Richemont.
TrendsJan 23, 2026
Martin Katz’s Earrings Call to Mind Wintry Weather Micro-set with hundreds of diamonds, these snowflake earrings recreate “winter’s most elegant silhouette,” and are our Piece of the Week.
Brought to you by
How Jewelers Can Fight Back Against Cell JammersCriminals are using cell jammers to disable alarms, but new technology like JamAlert™ can stop them.
MajorsJan 23, 2026
Rembrandt Charms Names New Director of Creative, Brand StrategyElla Blum was appointed to the newly created role.
Weekly QuizJan 22, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Supplier BulletinJan 22, 2026
The Rise of Centralized Sourcing in the Colored Gemstone MarketSponsored by RapNet
MajorsJan 22, 2026
Lugano Diamonds Finds a BuyerInvestment firm Enhanced Retail Funding, a division of Gordon Brothers, was the successful bidder.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
SourcingJan 22, 2026
De Beers To Release ‘A Diamond Is Forever’ BookIt explores the history of the iconic tagline and the company’s strategy to redefine the role of diamonds in society.
MajorsJan 22, 2026
Swarovski Appoints New North America PresidentRetail veteran Sindhu Culas has stepped into the role.
MajorsJan 22, 2026
Stuller Names New Chief Merchandising, Marketing, Sales OfficerTaylor Burgess, who has been at Stuller since 2013, was promoted to the newly created role.
PodcastsJan 21, 2026
Episode 1: High Gold Prices, the Diamond Dilemma, & What’s NextWas 2025 a good year for jewelers? Did lab-grown diamonds outsell natural? Find out on the first episode of the “My Next Question” podcast.
EditorsJan 21, 2026
6 Jewelry Designers Poised to Have a Breakout Year in 2026Whether you recognize their jewels or are just discovering them now, these designers’ talent and vision make them ones to watch this year.
SourcingJan 21, 2026
Tucson Preview 2026: Earthy Tones and Innovative Shapes Buyers are expected to gravitate toward gemstones that have a little something special, just like last year.
CrimeJan 21, 2026
4 Men Charged in $1.7M California Smash-and-Grab Jewelry Store RobberyPlus, JSA’s Scott Guginsky discusses the need for jewelers to take more precautions as the gold price continues to climb.
IndependentsJan 21, 2026
Delaware Jeweler Felice Morris Dies at 91Morris’ most cherished role was being a mother and grandmother, her family said.
CollectionsJan 21, 2026
Bulgari Weaves New Collection of ‘Vimini’ Creations“Vimini” is the first chapter of the “Bulgari Eternal” collection that merges archival pieces with modern creations.
Events & AwardsJan 21, 2026
Jewelers Mutual’s ‘Conversations’ Retreat Returns to Discuss AIThe third edition will be held in Half Moon Bay, California, in April.
Events & AwardsJan 20, 2026
These Are the 5 Finalists for the David Yurman Gem Awards GrantThe grant is in its first year and was created to recognize an exceptional fine jewelry designer whose star is on the rise.
ColumnistsJan 20, 2026
First-Party Data Is the Most Valuable Asset Jewelers Have in 2026Data built on trust, not tracking, will be key to success going forward, as the era of “borrowed attention” ends, Emmanuel Raheb writes.
MajorsJan 20, 2026
Borsheims Hires New Assistant Facilities ManagerHeath Yarges brings two decades of experience to the role.
EditorsJan 16, 2026
Remembering Pete Yantzer for His Contributions and His Kindness Pete’s boundless curiosity extended beyond diamond cut and he was always eager to share his knowledge with others, no matter the topic.
FinancialsJan 16, 2026
Richemont’s Jewelry Brands Shine in Q3Cartier, Van Cleef & Arpels, Buccellati, and Vhernier had another successful holiday season, Richemont reported this week.
TrendsJan 16, 2026
Diane Lane's Brooch Buzzes at the 2026 Golden GlobesOur Piece of the Week is Lagos’ “Bee” brooch that was seen on the red carpet for the first time on Sunday.
CrimeJan 15, 2026
D.C. Rapper ‘Taliban Glizzy’ Sentenced to 18+ Years for Jewelry Store RobberiesTrevor Jonathan Wright led a crew in a string of armed robberies targeting South Asian-owned jewelry stores on the East Coast.
Events & AwardsJan 15, 2026
Jewelers of Americas’ ‘20 Under 40’ Nominations Now OpenThe program recognizes rising professionals in the jewelry industry.
Events & AwardsJan 15, 2026
Registration for JCK Las Vegas 2026 Is Now OpenA new lifestyle section and a watch showcase have been added to this year’s event.
