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
MajorsOct 23, 2026
PGI USA Set to Close at Year’s EndThe closure is part of a global restructuring that also includes PGI winding down its operations in Japan, South Korea, and Hong Kong.
SourcingOct 23, 2026
Rachel Chalchinsky’s ‘Survivor Tribute’ RingThe ring, our Piece of the Week, was designed by eight-year breast cancer survivor Rachel Chalchinsky of Color Source Gems.
TechnologyOct 23, 2026
JA Unveils New Website, LogoThe website offers enhanced member benefit access, industry directories, educational resources, a job board, and access to the MJSA Journal.
Brought to you by
A Diamond Is Forever Launches 2026 Holiday Campaign Championing Natural DiamondsA Diamond Is Forever's holiday campaign reimagines natural diamond icons for a new generation celebrating individuality.
FinancialsOct 23, 2026
Kering’s Jewelry Sales Up Double Digits in Q3Boucheron and Pomellato had a strong third quarter, with Kering looking at jewelry as an increasingly important part of its portfolio.
Weekly QuizOct 22, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeOct 22, 2026
Jeweler Shot and Killed in His Suburban Cincinnati Store Tara Sinchuri was the owner of Everest Jewels in Fairfield, Ohio, and a father of three. He was found dead in his store on Tuesday.
MajorsOct 22, 2026
Neiman Marcus Has Gifts for the Jewelry Lover Who Has EverythingBespoke experiences from Buccellati and Verdura are on the retailer’s 2026 “Fantasy Gifts” list.
Brought to you by
Open an Account, Get $50 Off Your First Order. No Code Needed.Built on Relationships. Refined by Craft.
Events & AwardsOct 22, 2026
JIS Fall 2026 Reports Record-Breaking Attendance The number of participants at the fall show was up 12 percent.
CollectionsOct 22, 2026
Billie Eilish, Finneas Co-Design Collection for John HardyThe Academy and Grammy award-winning siblings have collaborated with John Hardy on a new jewelry line inspired by their personal style.
PodcastsOct 21, 2026
Episode 10: This Episode Is Haunted Diana Singer shared the stories of two “cursed” diamonds on this month’s podcast, which was inexplicably riddled with technical issues.
IndependentsOct 21, 2026
Gardner-Collier Jewelry to Close After 9 Decades in BusinessThe family-owned jeweler has three locations across Missouri and Iowa.
SourcingOct 21, 2026
Venetia Mines Final Carats Ahead of 2-Year ShutdownThe De Beers-owned diamond mine in South Africa is being put on ice as part of a round of previously announced cost-cutting measures.
CollectionsOct 21, 2026
Helzberg, Nordstrom Carrying New Jewelry Collection From Off-WhiteThe collection centers designs with clean geometric lines, chunky sculptural pieces, and recognizable details from the luxury fashion brand.
SourcingOct 21, 2026
Gemfields’ Mixed-Quality Ruby Auction Earns $52MThe miner said it saw particularly strong prices for larger, fine-quality rubies at the sale.
CrimeOct 20, 2026
Security Guard Charged With Murder in Shooting at Texas MallThe guard opened fire on a man who was smashing a jewelry display case at La Gran Plaza in Fort Worth last week, police said.
IndependentsOct 20, 2026
David Gardner’s Jewelers Unveils Newly Expanded, Revamped ShowroomThe Texas jeweler added 2,000 square feet to its reimagined showroom, complete with a new design studio and an event space.
SourcingOct 20, 2026
The $50M Victoria’s Secret ‘Fantasy Bra’ By The NumbersJacob & Co.'s diamond masterpiece is the most expensive Fantasy Bra ever worn on the Victoria’s Secret Fashion Show runway.
CollectionsOct 20, 2026
Mignon Faget’s Collection Chooses Handmade Over AIThe “Atelier” collection was inspired by the tools, rituals, and objects in an artist’s studio as a quiet rebuttal to an automated world.
MajorsOct 19, 2026
The Knot to Acquire Rival Wedding Planning Platform ZolaThe pending acquisition is an “exciting opportunity” for wedding vendors to grow their business, said The Knot Worldwide’s CEO.
SourcingOct 19, 2026
Jewelry Design Competition Show Airs in Thailand"The Secret Gems" features eight Thai jewelry brands paired with a team of young craftspeople who create jewelry together to win challenges.
CollectionsOct 19, 2026
John Hardy Enters the Medallion Chat With Talisman Collection The brand’s “Modern Talisman” capsule collection introduces pendants inspired by the mythology, natural world, and spiritual ethos of Bali.
IndependentsOct 19, 2026
The Stories of 5 Jewelers Celebrating Their Centennials in 2026Independent jewelers from New Mexico to New Jersey answer the question: What has kept your store in business for 100 years?
CollectionsOct 16, 2026
Christina Puchi’s Earrings Hold the UniverseOur Piece of the Week gathers the planets, represented by a variety of colored gemstones, in a pair of 14-karat yellow gold earrings.
IndependentsOct 16, 2026
Reeds Jewelers Expands, Relocates FlagshipThe New York-based jeweler is moving its Amherst flagship store to a larger location in nearby Snyder.
MajorsOct 16, 2026
Katy Chen Appointed Executive Vice President of Graff USA Chen, who worked at Cartier and Tiffany & Co., will lead retail sales and operations for the luxury jeweler’s 11 U.S. stores.
IndependentsOct 15, 2026
Retailer Hall of Fame 2026: Amy and Elise Greenberg For 40 years, sisters Amy and Elise Greenberg have helmed their 126-year-old family business, leading with appreciation and integrity.
