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.
Editors' Picks
Sponsored by
More on Surveys
The Latest
Policies & IssuesJul 20, 2026
Tariffs on Brazil to Increase But Rough Gemstones ExemptThe new tariff, imposed after a Trump administration study, is 25 percent and will stack on top of existing tariffs.
CollectionsJul 20, 2026
Vhernier Transforms ‘Freccia’ Collection Into High JewelryThe collection from 2014 has been reinterpreted into high jewelry with its signature triangular-shaped elements.
MajorsJul 20, 2026
Krista Collins Walters Promoted to Publisher of InstoreShe will also take on the role of vice president of jewelry for SmartWork Media, a newly created position.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
Events & AwardsJul 20, 2026
TJS Accepting Speaker Proposals for 2027 EventOrganizers are looking for presentations on topics like manufacturing, technology and research, bench work, gemstones, and sustainability.
Weekly QuizJul 17, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJul 17, 2026
HOWL Taps Shailene Woodley for ‘Home Sweet Home’ CampaignWoodley is seen in the campaign wearing our Piece of the Week, the “Frida” collar featuring 13 pieces of hand-carved Venetian glass.
SourcingJul 17, 2026
U.K. Woman Pays £5 for £15K Diamond Ring at Car Boot SaleA WeBuyVintage jewelry expert uncovered how much the flea market find was actually worth.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
SourcingJul 17, 2026
Diamond Dealer Jeff Pancis Pens MemoirThe founder of natural colored diamond wholesaler Pancis Gems shares stories from his five decades in the industry.
Events & AwardsJul 17, 2026
Gem Awards Opens 2027 Nomination PeriodSubmissions for the milestone 25th annual Gem Awards will be accepted across three categories from now through July 31.
EditorsJul 16, 2026
Q&A: Guzema’s Co-Owners On Its US Expansion, 10-Year AnniversaryValeriya Guzema and Mariana Lenha look back on the last decade and discuss the Ukrainian brand’s first U.S. store.
SourcingJul 16, 2026
Ekati to Close, Leaving Canada With One Diamond Mine The diamond mine, which opened nearly 30 years ago in Canada’s Northwest Territories, is expected to shut down by mid-August.
FinancialsJul 16, 2026
Richemont’s Jewelry Sales Soar for the Seventh Quarter in a RowJewelry sales for the company, which owns Cartier, Van Cleef & Arpels, Vhernier, and Buccellati, rose 21 percent in the first quarter.
Events & AwardsJul 16, 2026
MJSA Mentor & Apprenticeship Program Certifies First Advanced Apprentice GraduateThe graduate, Grace Barden, credited the program with helping her secure a job as a bench jeweler.
Events & AwardsJul 16, 2026
Jewelers of Louisiana to Host 80th ConventionThe event, scheduled for next month in New Orleans, will include dinner, a custom jewelry design contest, and education sessions.
SourcingJul 15, 2026
1,305-Carat Diamond Recovered from Mine in BotswanaThe yet-to-be named stone is the 10th diamond weighing more than 1,000 carats to come out of Lucara’s Karowe mine.
IndependentsJul 15, 2026
New Jersey Jeweler Barry Berman Dies at 81The founder of Fords Jewelers, Berman is remembered for his love of connecting with his community.
FinancialsJul 15, 2026
Watches of Switzerland’s US Sales Jump 18%, Declines to Comment on Sale Report The watch and jewelry retailer had a strong fiscal year despite what its CEO described as a “complex operating backdrop.”
Events & AwardsJul 15, 2026
Hamptons Jewelry Show to Return in JulyThe open-to-the-public luxury jewelry and timepiece show, in its second year, is slated for July 23-26.
CollectionsJul 15, 2026
Pomellato’s New High Jewelry Is LiberatingBold color, expressive gem-setting, and sculptural form define the three chapters that make up “Stile Libero.”
IndependentsJul 14, 2026
Foundrae Opens First Standalone Store Outside USThe New York-based jewelry brand has expanded overseas, opening a store in London’s Mayfair district.
ColumnistsJul 14, 2026
Sherry Smith: What Today’s Jewelry Consumer Is Telling Us Rising revenue does not automatically mean a healthy business, particularly in the current economic landscape, Smith writes.
TrendsJul 14, 2026
Amanda’s Style File: Shoulder Dusters These long, fluid drop earrings are sure to catch the eye.
CrimeJul 14, 2026
Man Charged in $1M Jewelry Store Heist Lands on FBI Most Wanted ListAlberto Perez-Elias is one of four men charged with robbing a Cape Coral, Florida, jewelry store and is the only one still at large.
Events & AwardsJul 14, 2026
Conference on Mining, Sustainability Kicks Off in NYCInitiatives in Art and Culture is hosting its 16th annual Gold and Diamond Conference, with the theme of “Resilience.”
Lab-GrownJul 13, 2026
Stephanie Gottlieb Changes Her Mind on Lab-Grown DiamondsThe designer, who once said she’d never sell lab-grown diamonds, debuted two capsule collections designed to be fun and easy to wear.
SourcingJul 13, 2026
De Beers Announces Potential Layoffs, 2-Year Production Pause at VenetiaThe diamond miner and marketer is undergoing another round of cost-cutting measures ahead of its sale by Anglo American.
