EditorsApr 15, 2025
Tariffs: What We Know Right Now SurveysApr 30, 2025
Consumer Confidence Hits Pandemic-Level Low Amid Tariff Concerns
What’s really worrying U.S. consumers isn’t the present situation; it’s what the economy is going to look like six months from now.
Consumer confidence was down in April, declining 8 points to 86. The Expectations Index, which measures consumers’ six-month economic outlook, fell most sharply, hitting a 13-year low of 54.4.
New York—Consumer confidence fell for the fifth month in a row in April, dragged down by worries about the impact tariffs will have on prices and the economy overall.
On Tuesday, The Conference Board reported that its Consumer Confidence Index fell by 8 points in April to 86, a level not seen since the onset of the COVID-19 pandemic in 2020, noted Stephanie Guichard, a senior economist with The Conference Board.
While the Present Situation Index fell less than a point, the Expectations Index, which measures consumers’ six-month economic outlook, dropped sharply.
The Present Situation Index slipped 0.9 points to 133.5, while the Expectations Index fell by almost 13 points to 54.4.
That is the lowest level The Conference Board has recorded since October 2011 and below the threshold of 80, which usually signals a recession is coming.
Guichard said consumer confidence was down across all three components of the Expectations Index—business conditions, employment prospects, and future income—reflecting “pervasive pessimism about the future.”
“Notably, the share of consumers expecting fewer jobs in the next six months (32 percent) was nearly as high as in April 2009, in the middle of the Great Recession,” she said.
“In addition, expectations about future income prospects turned clearly negative for the first time in five years, suggesting that concerns about the economy have now spread to consumers worrying about their own personal situations. However, consumers’ views of the present have held up, containing the overall decline in the Index.”
Related stories will be right here …
On Tuesday, The Conference Board reported that its Consumer Confidence Index fell by 8 points in April to 86, a level not seen since the onset of the COVID-19 pandemic in 2020, noted Stephanie Guichard, a senior economist with The Conference Board.
While the Present Situation Index fell less than a point, the Expectations Index, which measures consumers’ six-month economic outlook, dropped sharply.
The Present Situation Index slipped 0.9 points to 133.5, while the Expectations Index fell by almost 13 points to 54.4.
That is the lowest level The Conference Board has recorded since October 2011 and below the threshold of 80, which usually signals a recession is coming.
Guichard said consumer confidence was down across all three components of the Expectations Index—business conditions, employment prospects, and future income—reflecting “pervasive pessimism about the future.”
“Notably, the share of consumers expecting fewer jobs in the next six months (32 percent) was nearly as high as in April 2009, in the middle of the Great Recession,” she said.
“In addition, expectations about future income prospects turned clearly negative for the first time in five years, suggesting that concerns about the economy have now spread to consumers worrying about their own personal situations. However, consumers’ views of the present have held up, containing the overall decline in the Index.”
The Conference Board noted that April’s decline in consumer confidence wasn’t limited to one age group, income bracket, or political party, though some groups were more concerned than others.
The Conference Board said pessimism was most pronounced among consumers ages 35-55—a mix of millennials and Gen Xers—and in households earning more than $125,000 a year.
Technology company Toluna conducts the Consumer Confidence Survey for The Conference Board every month. It is done online, drawing from a panel of more than 36 million U.S. consumers.
The cutoff date for April’s results was April 21.
As part of the survey, The Conference Board solicits write-in responses from consumers on the topics affecting their view of the economy.
In April, tariffs were top of mind for consumers, with many mentioning they are worried higher tariffs are going to mean higher prices and have an overall negative impact on the economy.
While the majority of survey respondents noted the high cost of living, some referenced declines in the price of gas and certain food items, while others mentioned stock prices and general uncertainty.
As part of the survey, consumers also are asked about what they plan to purchase in the next six months.
In April, the survey indicated that consumers are curbing plans for big purchases, for now.
On a six-month moving average basis, purchasing plans for both homes and cars declined, as did plans to take a vacation.
Plans to buy big-ticket items, including appliances and electronics, wavered in April but were mostly up on a six-month moving average basis.
Consumers also plan to curb spending on services and dining out in the months ahead, according to The Conference Board.
More on Surveys
The Latest
MajorsJul 08, 2026
Kendra Scott Joins ‘Shark Tank’ As Permanent Investor The founder of the billion-dollar jewelry and lifestyle brand will debut as a full-time “Shark” on the upcoming season of the show.
CrimeJul 08, 2026
Here’s What Thieves Stole From the Lalique Museum René Lalique’s “Woman Dragonfly With Open Wings” pendant, the first piece the museum acquired, was one of the jewels taken.
MajorsJul 08, 2026
Richline Group Promotes 2 ExecsArien Gessner and Moss Makhoulian have been elevated into newly created roles.
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.
ColumnistsJul 07, 2026
Peter Smith: Diamond Branding and the Origin ParadoxA podcast prompted Smith to share his views on where origin fits into the natural diamond story and the viability of branded diamonds.
Weekly QuizJul 01, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsJul 07, 2026
JA Announces 2026 Impact Initiative RecipientsThe association selected eight recipients for the funding program, which is in its second year.
TrendsJul 07, 2026
Amanda’s Style File: Ruby, White and Blue Whether celebrating America’s 250th birthday or the USA’s World Cup run, July birthstone jewelry can double as a patriotic accessory.
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.
CrimeJul 07, 2026
Thieves Steal Millions in Jewels From France’s Musée LaliqueAround 20 pieces of jewelry were stolen from the museum dedicated to French jeweler and glassmaker René Lalique.
CollectionsJul 07, 2026
Robinson Pelham Is Partying Like It’s 1996The “Summer of ’96” campaign and collection celebrate the year the brand was founded for its 30th anniversary.
SourcingJul 06, 2026
Gemfields CEO Sean Gilbertson Steps DownAfter eight years, Gilbertson is leaving his post at the mining company, which is currently facing a slew of operational challenges.
IndependentsJul 06, 2026
Bachendorf’s To Open Fifth Store In DallasThe new location is set to open this winter, featuring the retailer’s first rotating jewelry designer residency.
MajorsJul 06, 2026
Graff Names BTS Star Jung Kook as New AmbassadorThe pop artist appears in the latest campaign for the “Laurence Graff Signature” collection.
CollectionsJul 06, 2026
Pandora’s New Baroque Pearl Collection Is a Whimsical ‘Wonder’One-of-a-kind pearls take the shape of ice cream cones, frogs, submarines, and other imaginative charms.
SourcingJul 02, 2026
London Diamond Bourse Elects First Female PresidentCharlotte Rose said her election is “a sign that this is an industry capable of change.”
Supplier BulletinJul 02, 2026
Elevating Retail Showcases with Today's Necklace & Bracelet TrendsSponsored by Rio Grande Jewelry Supply
TrendsJul 02, 2026
Oscar Heyman’s Flag Brooch Celebrates AmericaThe American jewelry house, founded by Latvian immigrants, has been creating American flag brooches since 1917.
IndependentsJul 02, 2026
D. Geller & Son Partners with KSU Art Students on Store MuralThe artwork celebrates the Atlanta jeweler’s legacy and symbolizes its commitment to supporting local artists and its community.
Events & AwardsJul 02, 2026
Stratus Estate Buyers Offers Jewelers Turnkey Buying EventsIts team can evaluate jewelry and watches, as well as luxury handbags, artwork, and collectibles.
CollectionsJul 01, 2026
Rio Grande Launches First Finished Bridal CollectionThe new offering comprises more than 120 bridal and engagement ring styles with natural and lab-grown diamonds.
WatchesJul 01, 2026
Rolex Unveils Clock at Rockefeller CenterThe clock is part of the celebration for the soon-to-open Rolex headquarters on New York City’s Fifth Avenue.
IndependentsJul 01, 2026
Kristen Cannon of Valobra Master Jewelers Dies at 49The public relations professional is remembered for her benevolent generosity and unwavering commitment to those around her.
WatchesJun 30, 2026
Pokémon Fans Will Want to Catch This New G-Shock WatchThe new watch commemorates Pokémon’s 30th anniversary.
MajorsJun 30, 2026
Saks Global Emerges From Bankruptcy With New NameThe luxury retailer is now called Exemplar Luxury Group.
CollectionsJun 30, 2026
Jade Ruzzo’s New Collection Embodies the Art of Being a LadyThe “Lady” collection is a new take on old beauty standards with gemstone-adorned hair pins and combs, a compact mirror necklace, and more.
SourcingJun 30, 2026
Blue Nile Introduces Montana Sapphire CollectionThe new line is included in the e-tailer’s curation of jewelry celebrating America’s 250th anniversary.
GradingJun 30, 2026
AGS Opens 2026 Recertification ExamAll active members who earned their credential or designation before Dec. 1, 2025, are required to recertify.
