Surveys

Consumer Confidence Improves in May

SurveysJun 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.

Woman’s hand holding shopping bags
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 … 

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.

Conference Board survey results
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.

The Latest

Jewelers of America
Events & AwardsJun 25, 2025
JA Announces Impact Initiative Fund Recipients

The trade association has chosen the recipients of the funding initiative it formed to foster the growth and sustainability of the industry.

Karine Choudhrie Big Splash Circus Starfish and Lantern Fish
CollectionsJun 25, 2025
Splash into Karina Choudhrie’s Collection of Underwater Circus Performers

The designer brought her children’s book, “The Big Splash Circus,” to life through a collection of playful fine jewelry characters.

John Dyer Montana Sun Sapphire
SourcingJun 25, 2025
2025 AGTA Spectrum Awards Open for Entries

The organization has also announced this year’s slate of judges.

an instructor and a student in a bench jewelry classroom
Brought to you by
Investing in the Next Generation of Bench Jewelers

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

Khepri Jewels Luna collection fancy color fringe multi-shape drop diamond earrings
EditorsJun 24, 2025
The Best New Jewelry from Couture 2025, Part 2

Associate Editor Natalie Francisco shares 20 additional pieces that stood out to her at the Couture show.

Weekly QuizJun 20, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Lori Tucker
IndependentsJun 24, 2025
Colorado Bench Jeweler Celebrates 50 Years With Local Retailer

Lori Tucker started at Williams Jewelers when she was 18 years old.

“Marvel | Citizen Zenshin” watch for the new The Fantastic Four movie
WatchesJun 24, 2025
Citizen’s New ‘Fantastic Four’ Watch Is Literally Super

The “Marvel | Citizen Zenshin” watch is crafted in Super Titanium and has subtle nods to all four “Fantastic Four” superheroes on the dial.

Jewelers of America logo with meetup, State of the Majors, giveaway and massages
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025

The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.

XO Tacori diamond ring
MajorsJun 24, 2025
Tacori, QVC to Launch Exclusive Lab-Grown Diamond Jewelry Collection

The “XO Tacori” collection was designed to blend luxury and accessible pricing.

Pritesh Patel
GradingJun 23, 2025
GIA Names New President and CEO

Pritesh Patel, the lab’s chief operating officer, will take over as president and CEO of GIA.

Graphic for Las Vegas recap episode of “My Next Question”
Recorded WebinarsJun 23, 2025
Watch: Top Trends at Couture, JCK Las Vegas 2025

National Jeweler and Jewelers of America discuss the standout jewelry trends and biggest news to emerge from the shows this year.

Luanda Accord
SourcingJun 23, 2025
Diamond Producers, Organizations to Kick in Money to Promote Natural Diamonds

Signatories to the “Luanda Accord” committed to allocating 1 percent of annual diamond revenue to the Natural Diamond Council.

Penny Preville, Maggie Hess, Stella Song, and Benjamin King
Events & AwardsJun 23, 2025
Jose Hess Design Awards Celebrate 6 Jewelry Designers

The winning designs captured the “Radiance” theme.

24th Gem Awards Show Logo
Events & AwardsJun 23, 2025
Gem Awards Now Accepting Nominations for 2026

Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.

Single Stone Bryn Ring and Grace Lee Marquise Demi Demi Ring
TrendsJun 20, 2025
Dua Lipa Stays On-Trend With Chunky Engagement Ring

The singer’s ring ticks off many bridal trends, with a thick band, half-bezel setting, and solitaire diamond.

Yvonne Léon Python Gold Bracelet
TrendsJun 20, 2025
Piece of the Week: Yvonne Léon’s ‘Python Gold’ Bracelet

The bracelet references vintage high jewelry and snake symbolism as a playful piece where a python’s head becomes a working belt buckle.

Stock image of handcuffs
CrimeJun 18, 2025
7 Men Indicted in $100M Brinks Jewelry Heist

The heist happened in Lebec, California, in 2022 when a Brinks truck was transporting goods from one show in California to another.

Marie-Thérèse Pink diamond and Blue Belle sapphire necklace
AuctionsJun 18, 2025
Historic ‘Marie-Thérèse Pink’ Diamond Fetches $14M at Christie’s

The 10-carat fancy purple-pink diamond with potential links to Marie Antoinette headlined the white-glove jewelry auction this week. 

Caryl Capeci Starboard Cruises
EditorsJun 18, 2025
Q&A: Caryl Capeci Dives Into Cruise Jewelry Shopping

The Starboard Cruises SVP discusses who is shopping for jewelry on ships, how much they’re spending, and why brands should get on board.

Gresham grasshopper ring
AuctionsJun 18, 2025
16th-Century ‘Gresham Grasshopper’ Ring Sells for $56K

The historic signet ring exceeded its estimate at Noonans Mayfair’s jewelry auction this week.

Kirk Kara fine jewelry
CollectionsJun 18, 2025
Kirk Kara Celebrates 135 Years With New Jewels

To mark the milestone, the brand is introducing new non-bridal fine jewelry designs for the first time in two decades.

Gemfields 36 Carat Ruby
SourcingJun 18, 2025
Gemfields Sells 36-Carat Rough Ruby

The gemstone is the third most valuable ruby to come out of the Montepuez mine, Gemfields said.

Alex Brown
TechnologyJun 18, 2025
Alex Brown Named President of Smithee Group

Founder and longtime CEO Ben Smithee will stay with the agency, transitioning into the role of founding partner and strategic advisor.

Jade Ruzzo Gloria Collar
EditorsJun 17, 2025
The Best New Jewelry from Couture 2025, Part 1

Associate Editor Natalie Francisco shares 20 of her favorite pieces from the jewelry collections that debuted at Couture.

Jewelry industry author, speaker, and sales expert Peter Smith
ColumnistsJun 17, 2025
Peter Smith: Is Your Comp Plan a Hiring Hindrance?

If you want to attract good salespeople and generate a stream of “sleeping money” for your jewelry store, then you are going to have to pay.

Selection of jewelry from Sotheby’s New York High Jewelry sale
AuctionsJun 17, 2025
Colored Gemstones, Signed Jewels Shine in Sotheby’s High Jewelry Sale

The top lot was a colorless Graff diamond, followed by a Burmese ruby necklace by Marcus & Co.

Amanda Gizzi, Jewelers of America’s SVP of corporate affairs
MajorsJun 17, 2025
Amanda Gizzi Gets a Promotion at JA

Gizzi, who has been in the industry since 2001, is now Jewelers of America’s senior vice president of corporate affairs.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy