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
Policies & IssuesNov 14, 2025
U.S., Switzerland Reach Deal That Drops Tariff to 15%The Swiss government announced the deal, which cuts the tax on Swiss imports by more than half, on social media Friday morning.
AuctionsNov 14, 2025
Napoleon’s Diamond Brooch Blows Away Auction Estimates A buyer paid $4.4 million for the piece, which Napoleon wore on his hat for special occasions and left behind when he fled Waterloo.
FinancialsNov 14, 2025
Richemont’s Q2 Jewelry Sales Up 12%Plus, how tariffs and the rising price of gold are affecting its watch and jewelry brands.
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.
CollectionsNov 14, 2025
Piece of the Week: Silvia Furmanovich’s ‘Butterflies in Flight’ Jewelry BoxFurmanovich designed the box to hold Mellerio’s “Color Queen,” a high jewelry collection consisting of 10 rings.
Weekly QuizNov 13, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsNov 14, 2025
JCK Names New Event DirectorJennifer Hopf, who has been with JCK since 2022, will lead the execution of the long-running jewelry trade show.
IndependentsNov 13, 2025
127-Year-Old New Orleans Jeweler to CloseAdler’s Jewelry is set to close its two stores as 82-year-old owner Coleman E. Adler II retires.
Brought to you by
Jewelers of America Aligns New Mission to Create Meaningful Impact for MembersFrom educational programs, advocacy, and recent MJSA affiliation, Jewelers of America drives progress that elevates businesses of all sizes.
IndependentsNov 13, 2025
Green Lake Jewelry Works to Move to New Seattle StudioFounder Jim Tuttle shared how a dedication to craftsmanship and meaningful custom jewelry fueled the retailer’s double-digit growth.
MajorsNov 13, 2025
Vahan Jewelry Founder Leon ‘Sacha’ Der Calousdian Dies at 85The third-generation jeweler is remembered as a passionate creative with a love of art, traveling and sailboat racing.
CrimeNov 12, 2025
Father, Son Jewelers in Chicago Victims in Double Homicide JSA and Cook County Crime Stoppers are both offering rewards for information leading to the arrest of the suspect or suspects involved.
AuctionsNov 12, 2025
‘Mellon Blue’ Diamond Sells for $7M Less Than It Did a Decade AgoA buyer paid $25.6 million for the diamond at Christie’s on Tuesday. In 2014, Sotheby’s sold the same stone for $32.6 million.
AuctionsNov 12, 2025
Historic Rolex Oyster Fetches $1.7M at Sotheby’sMercedes Gleitze famously wore the watch in her 1927 swim across the English Channel, a pivotal credibility moment for the watchmaker.
GradingNov 12, 2025
It’s Time: GIA’s Express Holiday Service Is Back GIA is offering next-day services for natural, colorless diamonds submitted to its labs in New York and Carlsbad.
MajorsNov 10, 2025
Jewelers Focus on Love, Joy In 2025 Holiday Campaigns Tiffany & Co., David Yurman, and Pandora have launched holiday campaigns depicting their jewelry as symbols of affection and happiness.
AuctionsNov 10, 2025
300+ Colored Diamonds Up for Auction at Christie’sLate collector Eddy Elzas assembled “The Rainbow Collection,” which is offered as a single lot and estimated to fetch up to $3 million.
EditorsNov 07, 2025
Piece of the Week: An MVP’s Sapphire Tennis Necklace At the 2025 World Series, the Los Angeles Dodgers’ Yoshinobu Yamamoto sported a custom necklace made by California retailer Happy Jewelers.
IndependentsNov 07, 2025
Foundrae’s New Palm Beach Location Is a ‘Golden Solarium’The brand’s seventh location combines Foundrae’s symbolic vocabulary with motifs from Florida’s natural surroundings.
FinancialsNov 07, 2025
Watches of Switzerland’s H1 Sales Up 8%The retailer also shared an update on the impact of tariffs on watch customers.
SourcingNov 06, 2025
Pink Tourmaline Bracelet, Emerald Suite Take Top Spectrum Honors Pink and purple stones were popular in the AGTA’s design competition this year, as were cameos and ocean themes.
IndependentsNov 06, 2025
Greenwich St. Jewelers Hosts Raffle Supporting Food RescueAll proceeds from the G. St x Jewel Boxing raffle will go to City Harvest, which works to end hunger in New York City.
IndependentsNov 06, 2025
Cornell’s Jewelers Names New PresidentCourtney Cornell is part of the third generation to lead the Rochester, New York-based jeweler.
SourcingNov 06, 2025
De Beers’ Production, Sales Increase in Q3 De Beers also announced more changes in its upper ranks ahead of parent company Anglo American’s pending sale of the company.
WatchesNov 05, 2025
Shinola President Steps Down Just as He Starts Former Signet CEO Mark Light will remain president of Shinola until a replacement for Ulrich Wohn is found.
AuctionsNov 05, 2025
Taylor Swift’s Engagement Ring Designer Makes Her Auction DebutKindred Lubeck of Artifex has three rings she designed with Anup Jogani in Sotheby’s upcoming Gem Drop sale.
FinancialsNov 05, 2025
Pandora Posts Modest Q3 Sales Growth Amid ‘Weak’ Consumer Sentiment The company focused on marketing in the third quarter and introduced two new charm collections, “Pandora Talisman” and “Pandora Minis.”
FinancialsNov 05, 2025
Brilliant Earth’s Q3 Sales Climb 10%The jewelry retailer raised its full-year guidance, with CFO Jeff Kuo describing the company as “very well positioned” for the holidays.
