SurveysJun 25, 2024
Jewelry a Top Performer in ‘Stalled’ Luxury Market, Says Bain & Co.SurveysJun 26, 2024
Consumer Confidence Slips in June Amid Rising Prices
The costs of food and groceries remained a top concern, followed by the labor market and U.S. politics.
The Conference Board’s consumer confidence index fell to 100.4 in June from 101.3 in May.
New York—U.S. consumer confidence fell in June as concerns about rising prices remain.
The Conference Board’s consumer confidence index fell to 100.4 in June from a downwardly revised 101.3 in May.
Similar to last month, June’s write-in responses showed high prices, especially for food and groceries, continued to impact consumers’ views of the economy, followed by the labor market and U.S. politics.
“Consumers expressed mixed feelings this month: their view of the present situation improved slightly overall, driven by an uptick in sentiment about the current labor market, but their assessment of current business conditions cooled,” said Dana M. Peterson, chief economist at The Conference Board.
“Meanwhile, for the second month in a row, consumers were a bit less pessimistic about future labor market conditions. However, their expectations for both future income and business conditions weakened, weighing down the overall Expectations Index."
As for election season, the share of respondents who said the 2024 election would impact the economy was low in comparison to write-ins in June 2016 and slightly higher than in 2020.
“Confidence pulled back in June but remained within the same narrow range that’s held throughout the past two years, as strength in current labor market views continued to outweigh concerns about the future,” said Peterson.
“However, if material weaknesses in the labor market appear, confidence could weaken as the year progresses.”
The decline in confidence from May to June was attributed mainly to consumers aged 35 to 54.
Those under 35 and those 55 and older saw an improvement, though there was no clear pattern according to income groups, said Peterson.
On a six-month moving average basis, confidence continued to be highest among the youngest and wealthiest consumers, it found, including those under 35 and those making more than $100,000.
The average 12-month inflation expectations declined slightly to 5.3 percent from 5.4 percent in May.
The Present Situation Index, which measures consumers’ current view of business and labor market conditions, rose to 141.5 in June from 140.8 in May.
Consumers’ view of current business conditions was less optimistic in June, with the percentage of respondents who said current business conditions are “good” down to 20 percent from 21 percent in May, while those who said conditions are “bad” was flat at 18 percent.
Consumers’ view of the labor market improved in June, with those who said jobs were “plentiful” up to 38 percent from 37 percent in May, while those who said jobs were “hard to get” was flat at 14 percent.
Related stories will be right here …
The Conference Board’s consumer confidence index fell to 100.4 in June from a downwardly revised 101.3 in May.
Similar to last month, June’s write-in responses showed high prices, especially for food and groceries, continued to impact consumers’ views of the economy, followed by the labor market and U.S. politics.
“Consumers expressed mixed feelings this month: their view of the present situation improved slightly overall, driven by an uptick in sentiment about the current labor market, but their assessment of current business conditions cooled,” said Dana M. Peterson, chief economist at The Conference Board.
“Meanwhile, for the second month in a row, consumers were a bit less pessimistic about future labor market conditions. However, their expectations for both future income and business conditions weakened, weighing down the overall Expectations Index."
As for election season, the share of respondents who said the 2024 election would impact the economy was low in comparison to write-ins in June 2016 and slightly higher than in 2020.
“Confidence pulled back in June but remained within the same narrow range that’s held throughout the past two years, as strength in current labor market views continued to outweigh concerns about the future,” said Peterson.
“However, if material weaknesses in the labor market appear, confidence could weaken as the year progresses.”
The decline in confidence from May to June was attributed mainly to consumers aged 35 to 54.
Those under 35 and those 55 and older saw an improvement, though there was no clear pattern according to income groups, said Peterson.
On a six-month moving average basis, confidence continued to be highest among the youngest and wealthiest consumers, it found, including those under 35 and those making more than $100,000.
The average 12-month inflation expectations declined slightly to 5.3 percent from 5.4 percent in May.
The Present Situation Index, which measures consumers’ current view of business and labor market conditions, rose to 141.5 in June from 140.8 in May.
Consumers’ view of current business conditions was less optimistic in June, with the percentage of respondents who said current business conditions are “good” down to 20 percent from 21 percent in May, while those who said conditions are “bad” was flat at 18 percent.
Consumers’ view of the labor market improved in June, with those who said jobs were “plentiful” up to 38 percent from 37 percent in May, while those who said jobs were “hard to get” was flat at 14 percent.
The Expectations Index, which measures consumers’ outlook for income, business, and labor market conditions in the near future, fell to 73 from 74.9 in May.
Notably, an Expectations Index reading below 80 often signals a recession ahead, said the Conference Board. It has been below 80 for five consecutive months.
Consumers’ view of the short-term business conditions outlook was more pessimistic in June.
The percentage of respondents who expect business conditions to improve was down to 13 percent from 14 percent, while those who expect conditions to worsen was unchanged at 17 percent.
Consumers’ assessment of the short-term labor market outlook in June was slightly more positive.
The percentage of respondents who expect more jobs to be available was flat at 13 percent, while the number of respondents who expect fewer jobs to be available was down to 17 percent from 19 percent.
Consumers’ assessment of their short-term income prospects was more negative.
The number of respondents who expect their incomes to increase was down to 15 percent from 18 percent in May, while those who expect their incomes to decrease was flat at 12 percent.
Consumers were also less optimistic about their family’s current financial situation, a measure not included when calculating the Present Situation and Expectations Index.
Their view of their family’s future financial situation was unchanged.
The “Consumers’ Perceived Likelihood of a U.S. Recession Over the Next 12 Months” declined in June after rising in April and May.
Consumers were optimistic about the stock market, however, with 48 percent expecting stock prices to increase over the year ahead, 24 percent expecting a decrease, and 28 percent expecting no change.
The number of consumers expecting higher interest rates over the next twelve months dropped to 53 percent, its lowest level since February.
Purchasing plans for homes were unchanged in June and remained historically low, said the Conference Board. Plans to buy cars were also at a standstill.
Buying plans for most big-ticket appliances and smartphones were up slightly, while fewer planned to buy a laptop or PC.
The number of respondents planning a vacation over the next six months continued to increase, staying above June 2023 levels.
Notably, more people plan to travel by car than by plane.
The number of consumers planning to go on vacation is about 10 percentage points lower than it was pre-pandemic.
The Latest
AuctionsApr 29, 2025
‘Golconda Blue’ Diamond Pulled From AuctionThe 23-carat fancy vivid blue diamond, set to headline Christie’s May jewelry auction, was expected to sell for as much as $50 million.
IndependentsApr 29, 2025
Maryland Jeweler to Close After 36 YearsG.B. Heron Jewelers in Salisbury, Maryland, is set to close as its owner, Jeff Cassels, retires.
ColumnistsApr 29, 2025
Google Ads vs. Social Media Ads: Which Are More Effective?Emmanuel Raheb outlines the differences between the two platforms and posits that the most successful jewelers use both.
Brought to you by
Watch: The Winston Red: GIA Examines the Smithsonian’s Newest AdditionSupplier Spotlight Sponsored by GIA
SourcingApr 29, 2025
Gemfields Mini Ruby Auction Achieves $7MThe miner said its April sale featured a mix of commercial-quality primary rubies and secondary rubies of varying quality.
Weekly QuizApr 24, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeApr 28, 2025
Customs Seizes Nearly 2,000 Pieces of Counterfeit Van Cleef & Arpels JewelryU.S. customs agents in El Paso, Texas, intercepted the package, which would have been worth $9 million if the jewelry was genuine.
TrendsApr 28, 2025
Suzanne Kalan Launches Tech Ring Jacket CollectionHealth monitors become statement pieces when paired with the brand’s new collection of stackable diamond-studded bands.
Brought to you by
Emerging Jewelers Accelerator Program Announces Second Cohort of Aspiring Jewelry Entrepreneurs Six new retail businesses were selected for the 2025 program, which began in January.
Events & AwardsApr 28, 2025
JCK Industry Fund Announces 2025 Grant RecipientsTen organizations were selected this year.
IndependentsApr 28, 2025
John Atencio Appoints 2 to Wholesale TeamKim Carpenter and Sam Gevisenheit have joined the brand.
CollectionsApr 25, 2025
Sylvie Looks to Water in New Sculptural Bridal Collection“Shell Auranova” is the next generation of the brand’s bridal line, featuring half-bezel engagement rings with bold and fluid designs.
FinancialsApr 25, 2025
Kering’s Jewelry Brands Persevere as Q1 Sales Sink 14%Boucheron and Pomellato performed well in an otherwise bleak quarter for Kering amid struggles at Gucci.
EditorsApr 25, 2025
Piece of the Week: Deborah Meyers Experience’s ‘The Birds’ EarringsDesigner Deborah Meyers created her birds from oxidized sterling silver, rose-cut diamond eyes, and Akoya Keshi pearl feathers.
SourcingApr 25, 2025
De Beers Sales, Production Fall in Q1 Amid UncertaintyThe company said it expects sightholders to remain “cautious” with their purchasing due to all the unknowns around the U.S. tariffs.
Supplier BulletinApr 24, 2025
Protect Your Customers and Your BusinessSponsored by the Gemological Institute of America
EditorsApr 24, 2025
Q&A: Wolf’s CEO Talks U.S. ExpansionSimon Wolf shares why the time was right to open a new office here, what he looks for in a retail partner, and why he loves U.S. consumers.
IndependentsApr 24, 2025
Longtime Iowa Jeweler Herman Ginsberg Dies at 99 A third-generation jeweler, Ginsberg worked at his family’s store, Ginsberg Jewelers, from 1948 until his retirement in 2019.
FinancialsApr 24, 2025
Charles & Colvard Delisted From Nasdaq Due to NoncomplianceThe company failed to file its quarterly reports in a timely manner.
SourcingApr 24, 2025
Young Diamantaires Transition to NonprofitThe organization also announced its board of directors.
TrendsApr 24, 2025
Amanda’s Style File: So CharmingCharms may be tiny but with their small size comes endless layering possibilities, from bracelets to necklaces and earrings.
MajorsApr 23, 2025
Bulgari Doubles Size of Jewelry Factory in ItalyLocated in Valenza, the now 355,000-square-foot facility includes a new jewelry school that’s open to the public, Scuola Bulgari.
Events & AwardsApr 23, 2025
PDPaola Creative Director Wins FGI’s ‘Rising Star’ AwardPaola Sasplugas, co-founder of the Barcelona-based jewelry brand, received the Fine Jewelry Award.
AuctionsApr 23, 2025
Rare Custom Rolex Daytona Heads to AuctionA platinum Zenith-powered Daytona commissioned in the late ‘90s will headline Sotheby’s Important Watches sale in Geneva next month.
MajorsApr 23, 2025
David Yurman’s New Campaign Stars Carmelo Anthony, Jaylen BrownThe basketball stars wear men’s jewelry from the “Curb Chain” collection.
MajorsApr 22, 2025
Zales’ Rebrand Takes Playful Approach to Fine JewelryThe Signet Jewelers-owned retailer wants to encourage younger shoppers to wear fine jewelry every day, not just on special occasions.
AuctionsApr 22, 2025
Christie’s to Auction JAR Jewelry CollectionThe 21 pieces, all from a private collector, will be offered at its Magnificent Jewels auction next month.
ColumnistsApr 22, 2025
The PR Adviser: Building Buzz Through Word of MouthLilian Raji answers a question from a reader who is looking to grow her jewelry business but has a limited marketing budget.
