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
SourcingDec 23, 2025
Mining Titan Brian Gilbertson Dies at 82The former BHP Billiton leader and Gemfields chairman is remembered for his influential leadership throughout his 50-year mining career.
Events & AwardsDec 23, 2025
Bulgari Reimagines Costume Designers Guild AwardThe LVMH-owned brand has partnered with the costume design union to revamp its award for 2026.
MajorsDec 23, 2025
Kering to Acquire Stake in Raselli Franco GroupThe luxury titan inked a deal to acquire an initial minority stake in the jewelry manufacturer with a pathway to full ownership by 2032.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
MajorsDec 23, 2025
For Future Reference Vintage Enters Bloomingdale’sThe company’s curation of unsigned vintage and estate jewelry debuted at the Bloomingdale’s in Costa Mesa, California.
Weekly QuizDec 23, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeDec 22, 2025
Customs Seizes Hundreds of Fake Rolex, Cartier WatchesIn the recent multi-shipment seizure, CBP also found counterfeit Audemars Piguet, Moncler, and Chrome Hearts items.
EditorsDec 22, 2025
How Helzberg Is Reimagining Its StoresHelzberg’s Chief Retail Officer Mitch Maggart shared details about its tests of a new store concept rooted in an elevated luxury experience.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
Recorded WebinarsDec 22, 2025
2025 Jewelry Rewind: Looking Back on an Eventful Year Jewelers of America execs and National Jeweler editors discuss tariffs, the sky-high gold price, and the engagement that broke the internet.
MajorsDec 19, 2025
MadaLuxe Group Acquires Ippolita The luxury goods company said founder Ippolita Rostagno will remain at the brand’s helm.
MajorsDec 19, 2025
LVMH Names New Bulgari CEOLaura Burdese, who joined the Italian luxury brand in 2022, will take on the role in July.
EditorsDec 19, 2025
2025 Jewelry Superlatives: A Yearbook-Style Year in Review The National Jeweler editors revisit the most noteworthy industry happenings and design trends from 2025.
AuctionsDec 19, 2025
Jean Schlumberger’s ‘African Cat’ Is Purr-Fection Need a gift for the cat lover who has everything? Look no further than our latest Piece of the Week.
AuctionsDec 18, 2025
Audemars Piguet Reclaims Historic Pocket Watch at AuctionIt purchased the “Grosse Pièce,” an ultra-complicated Audemars Piguet pocket watch from the ‘20s, for a record-breaking price at Sotheby’s.
Lab-GrownDec 18, 2025
Kira Jewels Debuts Custom Lab-Grown Diamond Jewelry ServiceThe lab-grown diamond grower now offers custom engagement and fashion jewelry through its Kira Custom Lab Jewelry service.
EditorsDec 18, 2025
Terry Chandler Looks Back on 40 Years of Opportunity, Change, and FriendsChandler got his start at Michelson Jewelers and has served as DCA president and CEO since 2001. He will retire at the end of the month.
WatchesDec 18, 2025
Bob’s Watches to Open Store in New York’s JFK AirportThe boutique is slated to open this week inside Terminal 8, offering pre-owned Rolex watches and more to international travelers.
Supplier BulletinDec 18, 2025
Cell Jammers Are Targeting Your Business. Here's How to Beat ThemSponsored by Digital Monitoring Products
CrimeDec 17, 2025
Man Pleads Not Guilty to Swallowing Fabergé PendantThe special-edition egg pendant ingested in a New Zealand jewelry store was recovered after a six-day wait.
EditorsDec 17, 2025
2025 Jewelry Rewind: The Best Piece of the Week PicksAssociate Editor Natalie Francisco plays favorites with Piece of the Week, selecting a standout piece of jewelry from each month of 2025.
CollectionsDec 17, 2025
Lucy Hale Stars in Jacquie Aiche’s Holiday CampaignThe “Love and Desire” campaign is inspired by the magic that follows when one’s heart leads the way, said the brand.
GradingDec 17, 2025
SSEF Announces 2025 Scholarship WinnersTwo awardees will receive free tuition for an educational course at the Swiss lab, with flights and lodging included.
MajorsDec 16, 2025
Pandora’s New CEO Will Step Up EarlyBerta de Pablos-Barbier will replace Alexander Lacik at the start of January, two months earlier than expected.
AuctionsDec 16, 2025
Suzanne Belperron, JAR Shine in Sotheby’s First Auctions at New HQSotheby’s held its first two jewelry sales at the Breuer building last week, and they totaled nearly $44 million.
Events & AwardsDec 16, 2025
TJS Now Accepting Scholarship Applications for 2026Winners will receive free registration and lodging for its fourth annual event in Detroit.
ColumnistsDec 16, 2025
Beyond Unboxing: Creative Reveals to Drive Reach and EngagementHere are six ideas for making more engaging content for Instagram Reels and TikTok, courtesy of Duvall O’Steen and Jen Cullen Williams.
Events & AwardsDec 16, 2025
Diamonds Do Good Names 2026 Award RecipientsThe honorees include a notable jewelry brand, an industry veteran, and an independent retailer.
