SurveysFeb 10, 2025
Jewelry Resilient in 2024 Even As Luxury Sales Slipped, Says Bain & Co.SurveysMar 03, 2025
Consumer Confidence Fell in February Amid Concerns About the Future
The recent jump in the prices of household staples, like eggs, and the potential impact of tariffs worried consumers.
U.S. consumer confidence fell in February as consumers worried about inflation, tariffs, the labor market, and more.
New York—U.S. consumer confidence fell sharply in February as consumers remained pessimistic about the future.
The Conference Board’s monthly consumer confidence index fell to 98.3 in February from an upwardly revised 105.3 in January.
It marked the largest monthly decline since August 2021, according to Stephanie Guichard, senior economist, global indicators, at The Conference Board.
“This is the third consecutive month on month decline, bringing the index to the bottom of the range that has prevailed since 2022,” she said.
Of the five components the index tracks, only consumers’ views of present business conditions improved, and only slightly.
“Views of current labor market conditions weakened. Consumers became pessimistic about future business conditions and less optimistic about future income. Pessimism about future employment prospects worsened and reached a ten-month high,” said Guichard.
Consumers of all ages felt the drop in confidence, though it was steepest for consumers between 35 and 55 years old.
It was felt across all income groups, except households earning less than $15,000 a year and those earning between $100,000 to $125,000.
The average 12-month inflation expectations rose to 6 percent from 5 percent.
“This increase likely reflected a mix of factors, including sticky inflation but also the recent jump in prices of key household staples like eggs and the expected impact of tariffs,” said Guichard.
In the write-in responses, many consumers continued to mention inflation and prices, but there was a notable shift to other topics.
“There was a sharp increase in the mentions of trade and tariffs, back to a level unseen since 2019. Most notably, comments on the current Administration and its policies dominated the responses,” said Guichard.
Related stories will be right here …
The Conference Board’s monthly consumer confidence index fell to 98.3 in February from an upwardly revised 105.3 in January.
It marked the largest monthly decline since August 2021, according to Stephanie Guichard, senior economist, global indicators, at The Conference Board.
“This is the third consecutive month on month decline, bringing the index to the bottom of the range that has prevailed since 2022,” she said.
Of the five components the index tracks, only consumers’ views of present business conditions improved, and only slightly.
“Views of current labor market conditions weakened. Consumers became pessimistic about future business conditions and less optimistic about future income. Pessimism about future employment prospects worsened and reached a ten-month high,” said Guichard.
Consumers of all ages felt the drop in confidence, though it was steepest for consumers between 35 and 55 years old.
It was felt across all income groups, except households earning less than $15,000 a year and those earning between $100,000 to $125,000.
The average 12-month inflation expectations rose to 6 percent from 5 percent.
“This increase likely reflected a mix of factors, including sticky inflation but also the recent jump in prices of key household staples like eggs and the expected impact of tariffs,” said Guichard.
In the write-in responses, many consumers continued to mention inflation and prices, but there was a notable shift to other topics.
“There was a sharp increase in the mentions of trade and tariffs, back to a level unseen since 2019. Most notably, comments on the current Administration and its policies dominated the responses,” said Guichard.
The Conference Board’s Present Situation Index, which measures consumers’ current view of business and labor market conditions, fell to 136.5 in February from 139.9 in January.
While consumers’ view of current business conditions improved slightly, they were more pessimistic about the labor market.
The Expectations Index, which measures consumers’ outlook on income, business, and labor market conditions in the near future, fell to 72.9 from 82.2 in January.
Notably, this index fell below 80, which usually signals a recession ahead, for the first time since June 2024, said the Conference Board.
Consumers held more pessimistic outlooks across the board in regard to future business conditions, the labor market, and their income prospects.
Their outlooks on their family’s current and expected financial situation, a measure not included when calculating the Present Situation and Expectations Index, were also more pessimistic.
“Consumers’ Perceived Likelihood of a U.S. Recession over the Next 12 Months” also rose in February to a nine-month high.
Fewer consumers were bullish on the stock market, with 47 percent expecting stock prices to increase over the year ahead, the lowest percentage of consumers since April 2024, down from 54 percent in January.
More consumers expect to see stock prices decline, up to 33 percent from 25 percent in January.
More than half of respondents (52 percent) expect to see higher interest rates over the next 12 months. Fewer expect to see lower rates, down to 24 percent from 27 percent in January.
As for home buying, purchasing plans on a six-month moving average basis continued to recover, said the Conference Board, likely boosted by the “very recent” decline in mortgage rates.
Buying plans for cars and big-ticket items were down, especially in the TV and electronics categories.
Consumers’ plans to purchase services in the months ahead were little changed, but the Conference Board noted a shift in priorities.
Vacation plans continued to trend downward, while consumers prioritized purchasing personal and health care, movies, and live entertainment.
The Consumer Confidence survey results for March are scheduled to be released on March 25.
More on Surveys
The Latest
GradingMar 06, 2026
Tom Moses Leaving GIA After Nearly 50 YearsMoses, who started at GIA’s Santa Monica lab in 1976, will leave the Gemological Institute of America in May.
Lab-GrownMar 06, 2026
Charles & Colvard Files for Bankruptcy, Citing Price PressuresIncreased competition, falling lab-grown diamond and moissanite prices, and the rising cost of gold took a toll on the moissanite maker.
CollectionsMar 06, 2026
Zome’s ‘Solara’ Earrings Embody Celestial BeautyThe earrings, our Piece of the Week, feature pink tourmalines as planets orbiting around an aquamarine center set in 18-karat rose gold.
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.
MajorsMar 06, 2026
Pomellato’s 2026 IWD Campaign Spotlights Economic Abuse“The Price of Freedom” campaign video for International Women’s Day confronts the quiet violence of financial control.
Weekly QuizMar 05, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Policies & IssuesMar 05, 2026
Tariffs to Increase to 15% This Week, Treasury Secretary Says Also, a federal judge has ordered that companies that paid tariffs implemented under the IEEPA are entitled to refunds.
CollectionsMar 05, 2026
Common Era Honors ‘Difficult Women’ in CollectionThe ever-growing collection, which just expanded with the addition of Olga of Kyiv, features cameos of 12 women from history.
Brought to you by
DCA Enters a New Chapter in Jewelry EducationWith refreshed branding, a new website, updated courses, and a pathway for growth, DCA is dedicated to supporting retail staff development.
TrendsMar 05, 2026
Engagement Ring Trends 2026: What’s In, and WhyWe asked a jewelry historian, designer, bridal director, and wedding expert what’s trending in engagement rings. Here’s what they said.
Events & AwardsMar 05, 2026
AGS Announces Conclave 2026 Speaker LineupThe annual event will be held in Orlando, Florida, from Sept. 14-17.
TrendsMar 05, 2026
Caitríona Balfe Fronts Only Natural Diamonds CoverThe “Outlander” star modeled for the digital cover of the magazine’s spring issue, which features a story on her relationship with jewelry.
MajorsMar 05, 2026
Registration Opens for CIBJO Centenary CongressThis year’s annual congress, which will mark the confederation’s 100th anniversary, will take place this fall in Italy.
MajorsMar 04, 2026
Michael M Opens First StoreBeverly Hills was chosen as the location for the brand’s first store, designed as a “private residence for modern monarchs.”
Policies & IssuesMar 04, 2026
Luxury Brands Temporarily Shutter Middle East StoresKering, Apple, and other retailers have reportedly temporarily closed stores in the Middle East region in light of the recent conflicts.
EditorsMar 04, 2026
Q&A: Brilliant Earth’s CEO on the New Beverly Hills StoreBeth Gerstein discusses the vibe of the new store, what customers want when fine jewelry shopping today, and the details of “Date Night.”
Events & AwardsMar 04, 2026
JIS Miami Spring Show to Feature New Gifts Pavilion, Pop-Up Trends TalksNearly half of buyers are prioritizing silver and fashion collections this season, organizers said.
TrendsMar 04, 2026
Spinelli Kilcollin Rides Free In Year of the Horse CampaignThe “Live Now. Polish Later.” campaign features equestrians wearing the brand’s jewels while galloping across the icy plains of Kazakhstan.
MajorsMar 04, 2026
LeachGarner Names New Brand DirectorThe precious metals provider has promoted Jennifer Ashworth to the role.
Events & AwardsMar 03, 2026
Johnny Nelson Wins David Yurman Gem Awards GrantNelson will be honored as the inaugural grant winner at the Gem Awards gala on March 13.
SourcingMar 03, 2026
7 Trends That Could Define the Diamond Industry’s FutureExperts from India weigh in the politics, policies, and market dynamics for diamantaires to monitor in 2026 and beyond.
MajorsMar 03, 2026
Swiss Refiner Completes Acquisition of Gannon & ScottThe American precious metals refiner’s day-to-day operations remain the same post-acquisition.
TrendsMar 03, 2026
Amanda’s Style File: AquatopiaThese aquamarine jewels channel the calming energy of the March birthstone.
Events & AwardsMar 03, 2026
AGTA Adds Another New Category for SpectrumThe “Innovative Design” category and award will debut in the Spectrum division of this year’s AGTA Spectrum & Cutting Edge Awards.
EditorsMar 02, 2026
Jewelry at the Actor Awards: Reimagining Hollywood GlamourDiamond jewelry was the star of the event formerly known as the SAG Awards.
Events & AwardsMar 02, 2026
JVC to Honor Rebecca Foerster at Annual LuncheonFoerster is this year’s Stanley Schechter Award recipient.
Events & AwardsMar 02, 2026
JFC Names 2026 ‘Facets’ Honorees Sponsorships and tickets to the annual fundraising event, set for May 31, are available now.
CrimeFeb 27, 2026
Man Charged in Murders of Father, Son Jewelers in ChicagoChicago police and members of the U.S. Marshals Service tracked down the 35-year-old suspect earlier this week in St. Louis.
