ColumnistsDec 09, 2025
Holiday Sales Happen in December, Most Decisions Don’tSurveysDec 10, 2025
Consumer Confidence Drops in November
Inflations, tariffs, and politics—including the government shutdown—were among consumers’ top concerns last month.
The Conference Board’s Consumer Confidence Index fell to 88.7 in November with consumers worried about higher prices, tariffs, and the U.S. government shutdown, which ended Nov. 18.
New York—Consumer confidence took a dive in November amid ongoing worries about inflation, tariffs and trade, and the state of politics in the United States.
According to The Conference Board, its Consumer Confidence Index stood at 88.7 in November, down nearly 7 points from an upwardly revised 95.5 in October. (The baseline for the index is 100.)
In determining the index, The Conference Board asks consumers how they feel about both their present situation, shown in the Present Situation Index, and their six-month outlook on business, income, and labor market conditions, represented in the Expectations Index.
Both indexes were down in November.
The Present Situation Index fell 4.3 points to 126.9, with the percentage of respondents who described current business conditions as “bad” increasing from 15 percent to 17 percent month-over-month.
The percentage of respondents who said jobs were “plentiful” declined slightly month-over-month, from 29 percent to 28 percent, while the percentage of consumers who described jobs as “hard to get” held steady at 18 percent.
The Expectations Index experienced a larger drop, sliding 8.6 points to 63.2, with consumers showing more pessimism regarding near-future job availability and income prospects.
The Conference Board’s monthly consumer confidence survey also includes space for write-in responses.
The November responses were slightly more negative than those shared in October, with many of the same concerns coming up, said Dana M. Peterson, The Conference Board’s chief economist.
“Consumers’ write-in responses pertaining to factors affecting the economy continued to be led by references to prices and inflation, tariffs and trade, and politics, with increased mentions of the federal government shutdown,” she said.
The shutdown began Oct. 1 and ended Nov. 12. It lasted a total of 43 days, the longest in U.S. history.
The cutoff date for preliminary results for The Conference Board’s survey was Nov. 18, meaning that some of the responses were submitted during the period when the government was still shut down or had just reopened.
Related stories will be right here …
According to The Conference Board, its Consumer Confidence Index stood at 88.7 in November, down nearly 7 points from an upwardly revised 95.5 in October. (The baseline for the index is 100.)
In determining the index, The Conference Board asks consumers how they feel about both their present situation, shown in the Present Situation Index, and their six-month outlook on business, income, and labor market conditions, represented in the Expectations Index.
Both indexes were down in November.
The Present Situation Index fell 4.3 points to 126.9, with the percentage of respondents who described current business conditions as “bad” increasing from 15 percent to 17 percent month-over-month.
The percentage of respondents who said jobs were “plentiful” declined slightly month-over-month, from 29 percent to 28 percent, while the percentage of consumers who described jobs as “hard to get” held steady at 18 percent.
The Expectations Index experienced a larger drop, sliding 8.6 points to 63.2, with consumers showing more pessimism regarding near-future job availability and income prospects.
The Conference Board’s monthly consumer confidence survey also includes space for write-in responses.
The November responses were slightly more negative than those shared in October, with many of the same concerns coming up, said Dana M. Peterson, The Conference Board’s chief economist.
“Consumers’ write-in responses pertaining to factors affecting the economy continued to be led by references to prices and inflation, tariffs and trade, and politics, with increased mentions of the federal government shutdown,” she said.
The shutdown began Oct. 1 and ended Nov. 12. It lasted a total of 43 days, the longest in U.S. history.
The cutoff date for preliminary results for The Conference Board’s survey was Nov. 18, meaning that some of the responses were submitted during the period when the government was still shut down or had just reopened.
While it’s not surprising that U.S. consumer confidence was down last month given the government shutdown and ongoing conversations around affordability, the uncertain feelings have not translated to slower sales, at least not yet.
In its annual post-Black Friday survey, the National Retail Federation said a record number of consumers shopped either online or in stores during the weekend following Thanksgiving.
In-store shopping was up 3 percent year-over-year, while online shopping increased 9 percent.
The survey also noted that Small Business Saturday (the Saturday following Thanksgiving) attracted 62.7 million people shopping in-store, up from 61.1 million last year.
Last week, Sherry Smith, director of business development at The Edge Retail Academy, shared sales data for independent jewelers on LinkedIn.
Independent jewelers had a strong start to the season, with gross sales up 7 percent year-over-year and average ticket jumping 16 percent, though the number of units sold was down 8 percent.
“Average retail rose across every category, with colored stones leading the way, a clear sign of growing momentum behind differentiated and emotionally meaningful product stories,” Smith wrote.
“Independent jewelers who lean into storytelling, trust, and emotional value are winning, even as foot traffic tightens.”
Earlier this week, industry analyst Edahn Golan, co-managing partner at jewelry industry data analytics company Tenoris, shared similar results on LinkedIn.
Golan wrote that sales for all specialty jewelers rose 3 percent year-over-year in November and are up nearly 6 percent year to date.
Like Smith, he noted that the number of units sold was down, falling 10 percent, but the average retail price was up, increasing nearly 15 percent.
Editors' Picks
Sponsored by
More on Surveys
The Latest
TechnologyMay 01, 2026
Gemist, Saban Onyx Partner on Retailer-Focused Customization OfferingTheir partnership combines Gemist’s customization technology with Saban Onyx’s U.S.-based manufacturing capabilities.
CollectionsMay 01, 2026
A ‘Hidden Garden’ Emerges in Tiffany & Co.’s 2026 Blue BookOur Piece of the Week, the “Butterfly” necklace, showcases a 7.02-carat oval diamond set between diamond, platinum, and 18-karat gold wings.
ColumnistsApr 30, 2026
Peter Smith: A Sleazy Salesman and the Case for Regret Avoidance Smith uses a comment he overheard in the grocery store to remind retailers that their job is to inspire buying behavior, not just sell.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
MajorsApr 30, 2026
Claire’s New Summer Campaign Is a Sensory Wonderland for Gen Alpha“A Girl SMR at Claire’s” celebrates girlhood through the five senses with stacked jewelry, slime toys, scented accessories, and ASMR.
Weekly QuizApr 30, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsApr 30, 2026
Vintage Cartier Watch Crashes Through Records, Selling for $2MBelieved to be one of three made in 1987, the Cartier London Crash was hot at the “Shapes of Cartier” sale at Sotheby’s Hong Kong.
CrimeApr 30, 2026
Masked Group Uses Hammers, Pepper Spray in Texas Jewelry Store RobberyOfficials are looking for a group that robbed Marc Robinson Jewelers at an outlet mall in Round Rock, Texas, in broad daylight on April 21.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
Supplier BulletinApr 30, 2026
OROAREZZO 2026: The B2B Event for Italian Excellence in Goldsmith, Jewelry and Silver ManufacturingSponsored by OROAREZZO International Jewelry Exhibition
TechnologyApr 29, 2026
The Thought Process Behind the Mother's Day Email Opt-OutSome retailers are taking a nuanced approach to marketing what can be a difficult holiday for many.
IndependentsApr 29, 2026
Dick Abbott to Retire From The EdgeThe Edge has announced its new CEO, as well as a new partnership with an investment firm focused on founder-led software businesses.
SourcingApr 29, 2026
De Beers’ Production Rises, Market Remains ‘Challenged’De Beers’ diamond production was up 17 percent in Q1, boosted by increased output at its mines in South Africa and Canada.
AuctionsApr 29, 2026
This'll Be the Day You Own John Wayne's RingA signet ring belonging to the Western film star of Hollywood’s Golden Age will be up for auction at Elmwood’s next month.
Policies & IssuesApr 28, 2026
Tariff Refunds: How to File, What to Expect Importers can submit claims now to receive money back for the IEEPA tariffs they’ve paid, with refunds expected to take up to 90 days.
IndependentsApr 28, 2026
This North Carolina Jeweler Is Passing the TorchThe owners of Gregory Jewelers in Morganton, North Carolina, are heading into retirement.
SourcingApr 28, 2026
Doug Hucker Retires From ICAThe colored gemstone industry leader is heading into retirement after four years as the association’s CEO.
SourcingApr 28, 2026
NDC Hires Tapestry Exec to Head Global Marketing Susie Dewey joins the Natural Diamond Council as its new chief marketing officer.
AuctionsApr 27, 2026
12 Years Later, the ‘Ocean Dream’ Diamond Resurfaces at Christie’sThe largest known fancy vivid blue-green diamond could fetch more than $12 million at its second auction appearance.
ColumnistsApr 27, 2026
Stop Treating Mother’s Day Like an AfterthoughtEmmanuel Raheb says jewelers need to start marketing early and make it easy for customers to pick a gift for mom.
IndependentsApr 27, 2026
Longnecker Jewelry Celebrates 30 YearsIn honor of the milestone, the Nebraska jeweler has debuted Leslie & Co., its new in-house jewelry brand.
MajorsApr 27, 2026
JBT Re-Elects Jeff Corey as Board ChairThe trade organization, which held its annual elections earlier this year, also added five new board members.
TechnologyApr 24, 2026
TwentyFour’s Digital-Age Locket Is a Virtual VaultThe “Vault” charm, our Piece of the Week, expands on the memories that can be stored in a locket by connecting to your phone.
Events & AwardsApr 24, 2026
Hamptons Jewelry Show to Return in JulyThe open-to-the-public luxury jewelry and timepiece show, in its second year, is slated for July 23-26.
IndependentsApr 23, 2026
Meet the Real Moms of Day’s JewelersThe jeweler’s Mother’s Day campaign highlights the women who work there—mothers, grandmothers, women who want to be mothers, and dog moms.
Supplier BulletinApr 23, 2026
JM® Shipping Solution: Smarter Shipping for High-Value GoodsSponsored by Jewelers Mutual
Lab-GrownApr 23, 2026
Charles & Colvard May Sell Assets for $1.5MThe proposed agreement follows the moissanite maker’s Chapter 11 bankruptcy protection filing last month.
AuctionsApr 23, 2026
John Jacob Astor IV’s Titanic Pocket Watch Fetches $1MThe Patek Philippe for Tiffany & Co. timepiece Astor brought aboard the ill-fated ship sold for double its estimate at a Freeman’s auction.
