Policies & IssuesMay 30, 2025
Tariffs & Designers: Navigating Pricing in an Unstable EnvironmentSurveysJun 03, 2025
Consumer Confidence Improves in May
The index partially rebounded after months of decline, due in part to the U.S.-China deal to temporarily reduce import tariffs.
The Conference Board’s monthly consumer confidence index rose to 98 in May from 85.7 in April, following five months of consecutive decline.
New York—U.S. consumer confidence partially rebounded in May after five consecutive months of decline as pessimism about the future eased.
The Conference Board’s monthly consumer confidence index rose to 98 in May from a downwardly revised 85.7 in April.
Notably, half of the responses were collected after the May 12 announcement that there would be a temporary reduction of some tariffs on imports from China, said the organization.
“The rebound was already visible before the May 12 U.S.-China trade deal but gained momentum afterwards,” said Stephanie Guichard, senior economist, global indicators at The Conference Board.
The Conference Board’s Present Situation Index, which measures consumers’ current view of business and labor market conditions, rose to 135.9 in May from a downwardly revised 131.1 in April.
Consumers’ view of current business conditions improved in May, while their view on the labor market weakened for the fifth consecutive month, said Guichard.
The Expectations Index, which measures consumers’ outlook on income, business, and labor market conditions in the near future, rose to 72.8 from 55.4 in April.
“The monthly improvement was largely driven by consumer expectations as all three components of the Expectations Index—business conditions, employment prospects, and future income—rose from their April lows,” said Guichard.
However, the Expectations Index is still below 80, which usually signals a recession ahead, according to The Conference Board.
The rebound in confidence was seen across all age groups and all income groups.
While the boost was seen across all political affiliations, Republicans saw the strongest improvements.
Notably, on a six-month moving average basis, confidence in all age and income groups was still down due to previous monthly declines.
As for the write-in responses, tariffs remained a hot topic, with consumers expressing concerns about tariffs increasing prices and negatively impacting the economy.
However, some respondents did say they were hopeful that the announced and future trade deals would support economic activity.
Inflation and high prices were still top concerns, but some responses mentioned easing inflation and lower gas prices, said the Conference Board.
Related stories will be right here …
The Conference Board’s monthly consumer confidence index rose to 98 in May from a downwardly revised 85.7 in April.
Notably, half of the responses were collected after the May 12 announcement that there would be a temporary reduction of some tariffs on imports from China, said the organization.
“The rebound was already visible before the May 12 U.S.-China trade deal but gained momentum afterwards,” said Stephanie Guichard, senior economist, global indicators at The Conference Board.
The Conference Board’s Present Situation Index, which measures consumers’ current view of business and labor market conditions, rose to 135.9 in May from a downwardly revised 131.1 in April.
Consumers’ view of current business conditions improved in May, while their view on the labor market weakened for the fifth consecutive month, said Guichard.
The Expectations Index, which measures consumers’ outlook on income, business, and labor market conditions in the near future, rose to 72.8 from 55.4 in April.
“The monthly improvement was largely driven by consumer expectations as all three components of the Expectations Index—business conditions, employment prospects, and future income—rose from their April lows,” said Guichard.
However, the Expectations Index is still below 80, which usually signals a recession ahead, according to The Conference Board.
The rebound in confidence was seen across all age groups and all income groups.
While the boost was seen across all political affiliations, Republicans saw the strongest improvements.
Notably, on a six-month moving average basis, confidence in all age and income groups was still down due to previous monthly declines.
As for the write-in responses, tariffs remained a hot topic, with consumers expressing concerns about tariffs increasing prices and negatively impacting the economy.
However, some respondents did say they were hopeful that the announced and future trade deals would support economic activity.
Inflation and high prices were still top concerns, but some responses mentioned easing inflation and lower gas prices, said the Conference Board.
Consumers’ outlook on their family’s current and future financial situation, measures not included when calculating the Present Situation and Expectations Index, improved slightly.
Respondents were asked a special question in May’s survey about if they had changed their spending and financial behavior recently.
The Conference Board asked respondents if they had changed their spending and financial behavior recently.
More than one-third (37 percent) of respondents said they put money aside for future spending.
More than one-quarter (27 percent) said they had to use their savings to pay for goods and services, while 26 percent said they have postponed major purchases.
There was an understandable difference between income groups.
Consumers in households making over $125,000 were more likely to have saved money, while those in lower income households were more likely to have dipped into their savings or postponed a purchase.
Overall, 19 percent of respondents said they made purchases ahead of tariffs, with wealthier respondents more likely to have done so versus those in lower income households.
Consumers were also asked in May how worried they were about being laid off, not being able to afford necessities, and not being able to afford desired goods and services.
Affordability was more of a concern than job security, said the Conference Board.
Nearly half of respondents said they were concerned about being able to afford the things they need and want, while less than one-quarter said they were concerned about losing their jobs.
Looking at other metrics, “Consumers’ Perceived Likelihood of a U.S. Recession over the Next 12 Months” declined in May.
The number of consumers expecting higher interest rates over the next 12 months was little changed, while the average 12-month inflation expectations dipped less than one percent.
Consumers were also more positive about the stock market, with 44 percent expecting to see stock prices rise over the next 12 months, up from 38 percent in April.
Meanwhile, 38 percent expect to see stock prices decline, an improvement from 47 percent in April.
“This was one of the survey questions with the strongest improvement after the May 12 trade deal,” said Guichard.
She also noted that plans to purchase homes and cars and book vacations increased notably, with “significant gains” after May 12.
Plans to buy big-ticket items like appliances and electronics were also on the rise, as were plans to purchase services.
Dining out remained in the No. 1 spot, followed by streaming services. Plans to go to the movies, theater, live entertainment, and sporting events increased the most compared with April.
The Consumer Confidence survey results for June are scheduled to be released on June 24.
More on Surveys
The Latest
MajorsSep 10, 2026
Lagos Founder Steven Lagos Steps Down as CEO Keith Rolfe, CFO and COO of Lagos, is now at the jewelry brand’s helm while Steven takes on the role of executive chairman.
CrimeSep 10, 2026
FBI Offers $50K Reward for ‘Most Wanted’ Fugitive in $1M Jewelry HeistAlberto Perez-Elias is one of four men charged in the armed robbery of a Cape Coral, Florida, jewelry store and remains at large.
AuctionsSep 10, 2026
Massive Matched Pair of Paraíba Tourmalines Head to Sotheby’sThe “Kat Florence Luminas” will be offered together as one lot and could fetch up to $637,000.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
SourcingSep 10, 2026
AGTA Announces 4 Newly Elected DirectorsFour directors were elected to the AGTA board and will serve three-year terms beginning in February.
Weekly QuizSep 10, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsSep 10, 2026
Former Sotheby’s, Christie’s Exec Appointed CEO of Julien’s Auctions Ken Citron joins the celebrity memorabilia-focused auction house ahead of its first week-long series of events in Abu Dhabi.
FinancialsSep 09, 2026
Signet Jewelers to ‘Double Down’ on Blue Nile Amid Strong SalesThe jewelry retailer said it sees opportunity at higher price points, particularly in natural diamonds for bridal and fashion.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
IndependentsSep 09, 2026
Sarah Leonard Fine Jewelers Closes After Nearly 80 YearsThe Los Angeles-based, family-owned jeweler was founded by Lenny and Sunny Friedman in 1946.
SourcingSep 09, 2026
Fura Gems Notes ‘Remarkable’ Interest in Larger Rubies at Latest SaleThe auction, held in Bangkok, was 96 percent sold by lot, with nearly 411,000 carats of Mozambiquan rubies sold.
MajorsSep 09, 2026
Stuller’s Latest Catalog Includes Its New Demi-Fine CollectionFine Jewelry 2027-2028 has more than 900 new styles, including silver, gold-filled, gold-plated sterling silver, and vermeil jewelry.
Policies & IssuesSep 09, 2026
8 Key Changes the FTC Made to the Jewelry Guides: A Refresher Learn more about the new terms for lab-grown diamonds and composite gemstones, and the major changes in store for precious metals jewelry.
IndependentsSep 08, 2026
Ricky Bromberg, Longtime President of Bromberg & Co., Dies at 67 Bromberg is remembered as a Southern gentleman who always wore a suit and tie and treated others with kindness.
TrendsSep 08, 2026
Amanda’s Style File: A Hot Take on September’s Birthstone With high durability and a wide range of colors to choose from, sapphires may be the ultimate birthstone, Gizzi claims.
ColumnistsSep 08, 2026
Peter Smith: Humor Is No Laughing MatterLaughter is often considered a distraction in the workplace, but it has benefits for both staff and management, Peter Smith writes.
MajorsSep 08, 2026
Former Tiffany & Co. Exec Joins Exemplar Luxury GroupGretchen Koback Pursel is the new chief people officer at the company formerly known as Saks Global.
IndependentsSep 04, 2026
Orloff Jewelers Will Soon Unveil a Bigger, Better LocationThe California jeweler is renovating its store in Fresno, with plans to show off the new space in December.
CollectionsSep 04, 2026
Chelsea Gabrielle Transforms Pilates Reformer Springs Into Ring A lifelong practitioner of Pilates, Gabrielle looked to the springs’ tension and suspension when creating this ring, our Piece of the Week.
Events & AwardsSep 04, 2026
JCK Industry Fund Accepting 2027 ApplicationsThe deadline to apply is Nov. 13.
AuctionsSep 04, 2026
Christie's Names New Global Head of WatchesThe auction house has promoted Remi Guillemin, formerly its head of watches for the Americas and EMEA, to the role.
EditorsSep 03, 2026
Q&A: Simon G.’s CEO on Why He Won’t Use AI for Jewelry DesignZaven Ghanimian discussed the value of human craftsmanship and where the implementation of artificial intelligence does work.
Events & AwardsSep 03, 2026
Here Are the First Recipients of Nina Pugliese Memorial Scholarship Jewelers of America also revealed the recipients of the Seymour & Evelyn Holtzman Bench Scholarship and its own scholarship programs.
WatchesSep 03, 2026
Robert Pattinson Joins Jaeger-LeCoultre as Brand AmbassadorThe British actor, known for his roles in “Twilight” and “The Odyssey,” will star in a campaign for the Master Control Chronometre.
CollectionsSep 03, 2026
Sydney Evan Celebrates 25 Years With 4 New CollectionsThe “Confetti Disco,” “Champagne Cheers,” “Tuxedo,” and “Classic Punk” jewelry collections each capture a distinct spirit of celebration.
CrimeSep 02, 2026
CA Jeweler Gets 5 Years in ‘Phantom Rolex’ Ponzi SchemeNelson Holdo of Newport Beach pleaded guilty to multiple counts of felony grand theft and writing bad checks and was sentenced Monday.
AuctionsSep 02, 2026
If You Love Cats, This Jewelry Auction Is for YouCat ladies of the jewelry world, unite. Sandy Lerner’s “significant” collection of cat jewelry and other objects is going up for auction.
MajorsSep 02, 2026
Messika Names Former Omega Exec as New President, CEO of AmericasArnaud Michon, the former Omega USA President, will now lead Messika’s Americas region during its international development.
