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
CollectionsAug 26, 2025
Does Your Jewelry Stack Need a Snack?Designer Christina Puchi, the creative force behind CCWW Designs, has created charms and pendants based on iconic candies and crackers.
WatchesAug 26, 2025
Nick Jonas Gets Nostalgic in New Fossil CampaignThe Jonas Brothers star showed off new timepieces against the backdrop of his favorite spots in his home state of New Jersey.
IndependentsAug 26, 2025
Hinkamp Jewelers Celebrates 70 YearsThe family-owned jeweler in Fayetteville, North Carolina, is in the hands of the second generation.
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key IssuesJewelers of America is leading the charge to protect the industry amidst rising economic threats.
ColumnistsAug 26, 2025
Back to School, Back to Style: Why August is Prime Time for Self-GiftingIn his latest column, Emmanuel Raheb shares tips for encouraging customers to treat themselves to new jewelry.
Weekly QuizAug 22, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
WatchesAug 25, 2025
London Jewelers Brings Rolex to Historic Hamptons HomeThe new stand-alone Rolex boutique is housed in the former Odd Fellows Hall, a landmark built in 1897.
CollectionsAug 25, 2025
Tennis Star Madison Keys Has the Perfect Necklace for the US OpenThe Brilliant Earth ambassador co-designed a diamond medallion featuring meaningful symbols.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
TrendsAug 25, 2025
Amanda’s Style File: That’s a WrapWrap jewelry is more than just a trend; it’s the perfect motif for the coming season of layering, scarves, and pumpkin spice.
WatchesAug 25, 2025
WatchTime NY Show Returns for 10th Anniversary EditionThe three-day watch collector show, coming this October, will feature 44 exhibiting brands, as well as a new dinner experience.
GradingAug 22, 2025
Former Head of GIA India Promoted to Oversee Global Operations Sriram “Ram” Natarajan is now GIA’s senior vice president of laboratory operations and is based out of the lab’s headquarters in Carlsbad.
CollectionsAug 22, 2025
Piece of the Week: Retrouvaí’s ‘Diamond Vein Bond’ CollarThe one-of-a-kind collar represents the beauty of imperfection and the strength to rebuild.
MajorsAug 22, 2025
Kendra Scott Returns as CEO of Her Jewelry EmpireThree C-suite executives, including former CEO Tom Nolan, have resigned as part of what the company describes as a “transition.”
MajorsAug 21, 2025
Claire’s Finds Buyer, Could Save up to 950 StoresThe retailer, which recently filed Chapter 11, inked a deal to sell its North American business and intellectual property.
MajorsAug 21, 2025
Target Names New CEO as Sales Continue to Lag Target CEO Brian Cornell will step down in February and be replaced by the company’s chief operating officer, Michael Fiddelke.
Policies & IssuesAug 21, 2025
JA, IDMA Talk Tariffs With Execs in DC The group met with the president's senior trade advisor earlier this week to express the industry’s concerns about the effects of tariffs.
MajorsAug 21, 2025
Tiffany & Co. Pops Up at 2025 US OpenThe pop-up will display this year's Tiffany & Co. Singles Championship trophies along with a diamond-encrusted tennis racket and ball.
IndependentsAug 20, 2025
Bellman’s Jewelers Opens Second Store After COO's TikTok Takes OffThe New Hampshire-based store has expanded to Boston, propelled by the success of Alex Bellman’s TikTok page, “The Truthful Jeweler.”
CrimeAug 20, 2025
Another CA Jewelry Store Rammed With Car, RobbedThe latest incident happened Monday at a store in Oakland, California, continuing a pattern JSA first warned about last month.
WatchesAug 20, 2025
Oris Launches Watch Benefiting NYC Harbor Oyster RestorationThe new aqua green New York Harbor Limited Edition II is the watchmaker’s second collaboration with the Billion Oyster Project.
Events & AwardsAug 20, 2025
Take the Jewelers for Children ‘Trinity of Purpose’ ChallengeParticipants who attend any three Rings of Strength events will be awarded a special medal.
SourcingAug 19, 2025
Dubai’s Jemora Group Buys Diamond Miner LucapaThe investment company, founded by Dev Shetty, has acquired the struggling miner and its assets, including the Lulo mine in Angola.
ColumnistsAug 19, 2025
Peter Smith: The Arrival Fallacy and Jewelry RetailSmith shares wisdom he gleaned from a podcast he was listening to one morning while being walked by his dog, a Malshi named Sophie.
CrimeAug 19, 2025
Customs Seizes 7,300 Pairs of Fake ‘Alhambra’ EarringsThe counterfeit Van Cleef & Arpels jewels would have been worth more than $30 million if genuine.
MajorsAug 19, 2025
MJSA Apprenticeship Program Is Nationally RecognizedThe MJSA Mentor & Apprenticeship Program received the Registered Apprenticeship Program designation by the U.S. Department of Labor.
WatchesAug 19, 2025
Casio America Names New Timepiece Division ManagerCasio executive and watch enthusiast Masaki Obu is the new general manager of its U.S. timepiece division.
MajorsAug 18, 2025
Verragio’s Michael Barabash, a ‘Kind Soul,’ Dies at 58Barabash, Verragio’s client relations representative, was a vital member of the team and is remembered as being warm and full of life.
