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
CollectionsJul 15, 2025
Boucheron’s New High Jewelry Calls Attention to Nature’s ImpermanenceThe “Impermanence” collection contemplates nature through the Japanese art of Ikebana (flower arranging) and philosophy of wabi-sabi.
MajorsJul 15, 2025
James Avery Expands to 2 More StatesThe Texas-based jewelry retailer has set up shop in Tennessee and Arizona.
Events & AwardsJul 15, 2025
Neiman Marcus Vet Joins Couture as Brand Director Eric Ford will step into the role, bringing with him decades of experience.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
IndependentsJul 15, 2025
Ben Bridge Jeweler Acquires Olympic ManufacturingIn addition to improved capabilities, the acquisition will allow the jeweler to offer support to other independent jewelers.
Weekly QuizJul 10, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJul 15, 2025
Guzema Debuts First Colored Gemstone JewelryThe “Celestial Blue” capsule collection campaign features Olympian Kateryna Sadurska.
MajorsJul 14, 2025
Nanis Opens First StoreThe seasonal store, located in Mykonos, Greece, offers exclusive events, personal styling, and curated experiences.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
IndependentsJul 14, 2025
It’s the Summer of Love at Long’s JewelersThe New England jeweler is hosting a bridal event for the month of August.
SourcingJul 14, 2025
Ethical Gem Fair Heads to SeattleThe trade-only event will host its debut fair in the Emerald City later this month.
Events & AwardsJul 11, 2025
The Edge’s Annual Conference Returns in SeptemberIts sessions will focus on inventory strategies, staff performance, retention and acquisition, emerging market trends, and more.
CollectionsJul 11, 2025
Piece of the Week: Miseno’s ‘Arco’ EarringsFor its 10th anniversary, Miseno designed the “Arco” earrings based on the Arco Felice, an arch conceptualized in A.D. 95 in Miseno, Italy.
Policies & IssuesJul 11, 2025
James Avery to Donate $1M to Texas Hill Country Relief EffortsThe jewelry company is one of several contributing to relief efforts in the region after the recent floods.
TrendsJul 11, 2025
Kelly Osbourne’s Engagement Ring Is Sweet as HoneyInspired by fiancé Sid Wilson’s nickname for her, the white and yellow diamond ring features a unique honeycomb design.
CollectionsJul 10, 2025
Penny Preville Celebrates 5 Decades of Jewelry DesignThe brand is marking its 50th anniversary with a limited-edition bangle, high jewelry suites, new collections, and more.
IndependentsJul 10, 2025
Steven Goldfarb to Retire, Close Alvin Goldfarb JewelerGoldfarb said changes in the industry, coupled with his age and the updates needed to modernize his business, drove his decision.
MajorsJul 10, 2025
LVMH Names New Chairman, CEO of the AmericasLongtime LVMH executive Michael Burke has stepped into the role.
Events & AwardsJul 10, 2025
IAC Gold and Diamond Conference Returns to NYC Central topics of next week’s event include climate action, labor rights, artisan preservation, and value retention in producing countries.
MajorsJul 10, 2025
Hearts On Fire Appoints New Sales DirectorVickie Rokkos has joined the jewelry company as its new national sales director of North America.
Supplier BulletinJul 09, 2025
JCK Unwrapped: Trends, Insights & Post-Show TipsSponsored by Rio Grande Jewelry Supply
CollectionsJul 09, 2025
Cece Jewellery’s New Fruit Jewels Celebrate Life’s SweetnessThe “For the Love of Fruits” collection features five fruit pendants, each holding a different meaning.
EditorsJul 09, 2025
The Most-Read Stories of 2025, So FarDiamonds and crimes (some involving diamonds) top the list of National Jeweler’s most popular stories halfway through the year.
SourcingJul 09, 2025
Florida Couple Finds 3-Carat Diamond in ArkansasThey discovered “The Dash Diamond,” named for their dog, at the Crater of Diamonds State Park earlier this month.
CollectionsJul 08, 2025
Mikimoto’s High Jewelry Collection Turns Pearls into PetalsThe “Les Pétales” collection imagines roses caught mid-bloom as a tribute to nature’s beauty.
ColumnistsJul 08, 2025
Peter Smith: Why Jewelers Struggle With Premium PricingLuxury brands charge thousands for their shoes and handbags. Jewelers pricing diamond products should take note, Peter Smith writes.
IndependentsJul 08, 2025
David Rotenberg of David Craig Jewelers Dies at 79Rotenberg was an active member of the American Gem Society and an accomplished appraiser who also worked with therapy dogs at a hospital.
TechnologyJul 08, 2025
‘Diamond Divas’ Brings the Showroom to Social Media Reality SeriesIt follows New York-based brand Shahla Karimi Jewelry’s all-women team in “Say Yes to the Dress” meets “The Office”-style episodes.
