SurveysFeb 29, 2024
Want Insight Into Industry Salaries? Check Out This Careers Guide SurveysMar 27, 2024
Consumer Confidence Held Steady in March
Optimism about the current state of the economy was offset by anxiety around inflation and the political environment.
The Conference Board’s consumer confidence index slid down to 104.7 in March as consumers expressed concerns about inflation and anxiety about the future economy.
New York—U.S. consumer confidence was mostly unchanged in March as optimism about the current economy was offset by anxiety about the future, including the political environment.
The Conference Board’s consumer confidence index slipped to 104.7 in March, down slightly from a downwardly revised 104.8 in February.
Confidence rose among consumers aged 55 and over but fell for those under 55.
Consumers in the $50,000 to $99,999 income range reported lower confidence in March, while confidence improved slightly in all other income groups.
Dana Peterson, chief economist at The Conference Board, noted that over the last six months, “confidence has been moving sideways with no real trend to the upside or downside either by income or age group.”
“Consumers remained concerned with elevated price levels, which predominated write-in responses. March’s write-in responses showed an uptick in concerns about food and gas prices, but in general complaints about gas prices have been trending downward,” said Peterson.
The average 12-month inflation expectations came in at 5.3 percent, relatively unchanged from February’s four-year low of 5.2 percent.
Recessions fears were trending downward, said the Conference Board, both in write-in responses and by its own measure.
The “Consumers’ Perceived Likelihood of a US Recession Over the Next 12 Months” returned to its downward trajectory after a brief uptick last month.
“Meanwhile, consumers expressed more concern about the U.S. political environment compared to prior months,” said Peterson.
The Present Situation Index, which measures consumers’ current view of business and labor market conditions, rose to 151 in March from 147.6 in February.
Consumers’ view of current business conditions was mixed in March, with the percentage of respondents who said current business conditions are “good” mostly flat at 20 percent, while those who said conditions are “bad” decreased to 17 percent from 18 percent.
Consumers’ view of the labor market was more positive in March.
The percentage of respondents who felt jobs were plentiful was flat at 43 percent, while 11 percent said jobs were “hard to get,” down from 13 percent last month.
Related stories will be right here …
The Conference Board’s consumer confidence index slipped to 104.7 in March, down slightly from a downwardly revised 104.8 in February.
Confidence rose among consumers aged 55 and over but fell for those under 55.
Consumers in the $50,000 to $99,999 income range reported lower confidence in March, while confidence improved slightly in all other income groups.
Dana Peterson, chief economist at The Conference Board, noted that over the last six months, “confidence has been moving sideways with no real trend to the upside or downside either by income or age group.”
“Consumers remained concerned with elevated price levels, which predominated write-in responses. March’s write-in responses showed an uptick in concerns about food and gas prices, but in general complaints about gas prices have been trending downward,” said Peterson.
The average 12-month inflation expectations came in at 5.3 percent, relatively unchanged from February’s four-year low of 5.2 percent.
Recessions fears were trending downward, said the Conference Board, both in write-in responses and by its own measure.
The “Consumers’ Perceived Likelihood of a US Recession Over the Next 12 Months” returned to its downward trajectory after a brief uptick last month.
“Meanwhile, consumers expressed more concern about the U.S. political environment compared to prior months,” said Peterson.
The Present Situation Index, which measures consumers’ current view of business and labor market conditions, rose to 151 in March from 147.6 in February.
Consumers’ view of current business conditions was mixed in March, with the percentage of respondents who said current business conditions are “good” mostly flat at 20 percent, while those who said conditions are “bad” decreased to 17 percent from 18 percent.
Consumers’ view of the labor market was more positive in March.
The percentage of respondents who felt jobs were plentiful was flat at 43 percent, while 11 percent said jobs were “hard to get,” down from 13 percent last month.
The Expectations Index, which measures consumers’ outlook for income, business, and labor market conditions in the near future, fell to 73.8 from 76.3 in February.
Notably, an Expectations Index reading below 80 often signals a recession ahead, said the Conference Board.
Expectations for the next six months slipped to the lowest level since October 2023, it said.
Looking at short-term business conditions, respondents’ outlooks were more pessimistic, with 14 percent of respondents expecting business conditions to improve, flat from February, while the number of respondents that expect them to worsen was up to 18 percent from 17 percent.
Consumers’ assessment of the short-term labor market outlook in March was essentially unchanged from February.
The percentage of respondents who expect more jobs to be available was flat at 14 percent, while the number of respondents who expect fewer jobs to be available was also flat at 18 percent.
Consumers’ assessment of their short-term income prospects was also more pessimistic in March.
The number of respondents who expect their incomes to increase was up slightly to 17 percent from 16 percent in February. However, more respondents (14 percent) expect their incomes to decrease, up from 12 percent.
Respondents also were more pessimistic about their family financial situation over the next six months, a measure not included in the Expectations Index.
Consumers had a more positive view of stock prices throughout the year, but concerns about interest rates remained.
The percentage of consumers expecting an increase in interest rates over the year ahead rose above 50 percent for the first time since November 2023, said the Conference Board.
On a six-month basis, plans to buy automobiles, homes, and big-ticket appliances, all purchases that can be subject to interest rates, were down again.
Planned spending for services in 2024 increased relative to the same time last year, it said, noting consumers plan to spend more on healthcare, motor vehicle services, and lodging for personal travel, while spending less on entertainment.
The Conference Board is scheduled to release its results for April on April 30.
More on Surveys
The Latest
AuctionsDec 12, 2024
Tom Brady’s Watches Top $4M at Sotheby’s AuctionThe highest-grossing lot of the sale was the retired QB’s Rolex Paul Newman Daytona “John Player Special.”
SourcingDec 12, 2024
Grizzly Emerald Auction Garners $22.4MRecent expansion initiatives at the Zambian emerald mine have shown strong production numbers, said Grizzly founder Abdoulaye Ndiaye.
MajorsDec 12, 2024
Mark Henry Appoints New Director of SalesCarrie Forman joins the brand to guide it into the next phase of growth with major and independent retailers in the U.S. and abroad.
Brought to you by
Advocacy and Excellence: How Jewelers of America Is Committed to Elevating Our Industry For over a century, Jewelers of America has been the voice of the industry and valuable resource to jewelers across the country.
SourcingDec 12, 2024
De Beers Announces 2024 ‘Shining Light’ Award WinnersThe competition awarded 12 designers, each from a country where De Beers recovers diamonds, with business support and tuition assistance.
Weekly QuizDec 05, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsDec 12, 2024
The Jared Atelier x Vera Wang Collection Emphasizes EleganceThe high jewelry collection features 14 one-of-a-kind pieces, with serpent and ribbon motifs winding their way through the collection.
CrimeDec 11, 2024
Former Tiffany & Co. Factory Supervisor Sentenced for Stealing Precious Metals A federal judge gave Benjamin Preacher 59 days in jail, plus 10 months of home confinement and two years of supervised release.
Brought to you by
Protecting Your Sparkle: Why Screening Has Become Essential While no reputable jeweler would knowingly sell lab-grown stones as natural, it's a growing possibility.
GradingDec 11, 2024
IGI Set to Go Public Next WeekIn a CNBC interview, CEO Tehmasp Printer discussed the IPO in India and what declining lab-grown diamond prices mean for the company.
AuctionsDec 11, 2024
Sotheby’s Important Watches Sale Fetches $16.6MThe offering included vintage Rolexes, timepieces worn in “Titanic,” Steve McQueen's watch, and a special Citizen pocket watch.
CollectionsDec 11, 2024
Stephanie Gottlieb Brings Natural Diamonds to StudsThe 13-piece “Stephanie Gottlieb x Studs” collection is the piercing studio’s first fine jewelry offering to feature the gemstone.
IndependentsDec 10, 2024
Sauer Opens First U.S. StoreThe Brazilian jewelry brand made a home on New York City’s Madison Avenue with exclusive pieces only available at the location.
Events & AwardsDec 10, 2024
AGTA Launches Scholarship for University of Arizona Geosciences StudentsThe inaugural Dick Greenwood Memorial Scholarship in Gems Science will cover the fall 2025 and spring 2026 semesters.
Events & AwardsDec 10, 2024
JA New York To Debut 2 New Pavilions at Spring 2025 ShowA Piazza Italia pavilion will feature Italian designers and manufacturers while “MJSA Showcase” brings over a piece of the MJSA Expo.
CollectionsDec 09, 2024
Ray Griffiths’ First Coffee Table Book Spans 5 Decades of Design“Ray Griffiths: The Works” tells the story of the master jeweler’s career, which started with an apprenticeship in Australia at age 15.
MajorsDec 09, 2024
Thomas Davis, Grant Mobley Join WJA Foundation Board Davis is the director of business development at Select Jewelry Inc., and Mobley is the jewelry and watch editor at the Natural Diamond Council.
FinancialsDec 09, 2024
Movado’s Q3 Sales Down 3% Amid ‘Challenging’ EnvironmentThe retailer has been upping its marketing spend to drive revenue growth and brand awareness.
IndependentsDec 06, 2024
After 44 Years in Business, This Wisconsin Independent Is ClosingMike Straub and John Treiber opened Treiber & Straub in 1980 with the goal of bringing Milwaukeeans the best jewelry brands.
TrendsDec 06, 2024
Pantone’s Color of the Year Is a Delicious MousseThe color for 2025, “Mocha Mousse,” embodies thoughtful indulgences and everyday pleasures.
CollectionsDec 06, 2024
Piece of the Week: Cocoerow Fine Jewelry’s ‘Kokoro’ PendantThe Yoruba word for ant, “Kokoro” embodies the strength of womanhood in ant society while highlighting responsible sourcing.
FinancialsDec 06, 2024
Roberto Coin Acquisition Gives Watches of Switzerland a Boost in H1The retailer’s jewelry sales doubled, with branded jewelry performing especially well.
FinancialsDec 05, 2024
Signet Jewelers’ Q3 Sales Slide Amid Slow Engagement Ring Sales, Tech IssuesThe jewelry retailer addressed the lab-grown diamond “disruption,” the price of gold, and its holiday weekend performance.
Events & AwardsDec 05, 2024
Michael S. Krzemnicki to Receive 2024 Bonanno AwardThe director of the Swiss Gemmological Institute (SSEF) will be honored for his impact on gemology and dedication to advancing the science.
Supplier BulletinDec 05, 2024
Join Us For Color's Premier Show: 2025 AGTA GemFair TucsonSponsored by 2025 AGTA GemFair Tucson
Events & AwardsDec 05, 2024
BIJC Announces 2024 ‘Rock the Jewels’ Awards WinnersAt the annual event, in its second year, the organization honored those making remarkable contributions to the jewelry industry.
TrendsDec 05, 2024
Amanda’s Style File: A Blue, Blue, Blue Month Celebrate December babies with 20 pieces of jewelry featuring this month’s birthstones—turquoise, tanzanite, and zircon.
SurveysDec 04, 2024
In-Store Shopping Outpaced Online Over the Holiday Weekend, Says NRF A total of 126 million consumers shopped in stores over the five-day period, about 5 million more than last year.
