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
MajorsApr 01, 2026
Foundrae Sues Pandora for Allegedly Copying Its Medallion DesignsFoundrae also accused the jewelry giant of copying its mood board style of marketing.
AuctionsApr 01, 2026
John Jacob Astor IV’s Titanic Pocket Watch Heads to AuctionA Patek Philippe for Tiffany & Co. timepiece owned by the American businessman who died on the Titanic will be offered at Freeman's Chicago.
IndependentsApr 01, 2026
Zachary’s Jewelers’ Constance Polamalu to Release Children’s BookThe retailer’s Zach Bear gift comes to life in “Zach Bear and the Window Necklace,” which centers on curiosity, bravery, and helping.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
Events & AwardsApr 01, 2026
AGA Opens 2026 Gemological Scholarship, Research Grant ApplicationsApplications are open for the AGA Gemological Scholarship Program through May 15, and until June 2027 for the Gemological Research Grant.
Weekly QuizMar 26, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
ColumnistsMar 31, 2026
Q1 Clues That Reveal Where Your Jewelry Store’s Sales Are Heading These customer behavior patterns say a lot about how successful your jewelry store is going to be this year, Emmanuel Raheb writes.
CollectionsMar 31, 2026
Mejuri Adds Silver to ‘Puzzle’ CollectionMejuri’s popular collection of 18-karat yellow gold vermeil rings debuted in sterling silver alongside new “Puzzle” slider charms.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
CollectionsMar 31, 2026
Buddha Mama, Ashley Longshore to Host Pop-Up in DallasThe Miami-based jewelry brand and the NYC-based artist will be in Dallas from April 9-11.
SourcingMar 31, 2026
NDC Designates April 8 as 'World Diamond Day'The initiative invites those in the industry to share stories on social media highlighting the meaning and impact of natural diamonds.
SourcingMar 31, 2026
GIA VP Jillian Wolk to Take Over at Tracr Wolk’s first day on the job as CEO of Tracr, De Beers Group’s blockchain platform, will be May 1.
EditorsMar 30, 2026
Tom Moses Looks Back on His Decades at GIA Moses, who will leave the lab in May after nearly 50 years, discusses his start in the business, gemstones that stand out, and what’s next.
TrendsMar 30, 2026
Oscar Heyman Debuts First Spring CatalogThe new catalog, which showcases 35 one-of-a-kind pieces of jewelry, is a compliment to the company’s popular holiday catalog.
SourcingMar 30, 2026
Rio Tinto Hauls Last Load from DiavikProduction has ceased at the Canadian diamond mine, which has yielded more than 150 million carats of rough diamonds in its 23-year run.
MajorsMar 30, 2026
Tanishq Opens First New England LocationThe store opening marks the 10th United States location for the India-based jewelry retailer.
MajorsMar 27, 2026
Saks Global Has Changed Its Mind About Closing These 3 StoresTwo Saks Fifth Avenue locations, one in Florida and one in California, and one Neiman Marcus store are off the chopping block.
IndependentsMar 27, 2026
Jimmy West, Longtime LJG Executive Director, Dies at 72West, who started in the art department at the Leading Jewelers Guild in 1979, is remembered for his patience, kindness, and dedication.
CollectionsMar 27, 2026
Itä’s ‘Yarí Whirl’ Ring Tells Every Side of the StoryIn the “Tesoro” version of the ring, our Piece of the Week, each side of the gold hexagonal nugget has a unique colored gemstone design.
WatchesMar 26, 2026
Q&A: Citizen Watch America President Jeffrey Cohen on Eco-Drive’s 50th AnniversaryCohen discusses the evolution of Citizen’s light-powered technology, the brand’s cross-generational appeal, and tariffs.
IndependentsMar 26, 2026
Peter Smith Pens Book on Human Behavior in Sales“Essentially Human: On Sales and Salespeople" reveals the underlying human traits and behaviors of the most successful sales professionals.
CollectionsMar 26, 2026
Lionheart Celebrates 13 Years of ‘Cassandane’The collection features symbols of love, luck, and light, based on the story of Queen Cassandane and Cyrus the Great of Persia.
Events & AwardsMar 26, 2026
NAJA, Instappraise Introduce New ScholarshipIt’s the third scholarship to be launched as part of the partnership to help appraisers advance their professional credentials.
Events & AwardsMar 26, 2026
JA Still Accepting Entries for 2026 CASE AwardsThe deadline for entries in the jewelry design competition has been extended to April 3.
SourcingMar 25, 2026
Rob Bates Steps Down as JCK News Director After 28 years with JCK, the veteran industry journalist is launching his own publication on Substack called The Jewelry Wire.
GradingMar 25, 2026
New York’s Natural History Museum, Wiley To Build Minerals DatabaseWiley said the project will give scientists worldwide access to the American Museum of Natural’s History renowned mineral collection.
CollectionsMar 25, 2026
Boochier Turns Flower Friendship Bracelets Into Fine JewelryThe “Flower Puff” collection looks to beaded flower friendship bracelets from childhood, turning the silhouette into nostalgic fine jewelry.
Policies & IssuesMar 25, 2026
Community for Ethical Jewelry to Host Bench Jeweler Shortage WebinarSet for April 2, the webinar will discuss how the jewelry industry can address the workforce gap.
