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.
More on Surveys
The Latest
AuctionsDec 10, 2025
Francis Ford Coppola’s Watch Sells for $10.8MThe filmmaker’s personal F.P. Journe “FFC” prototype was the star of Phillips’ recent record-setting watch auction in New York.
WatchesDec 10, 2025
There’s A New Rolex Boutique in MiamiThe new location in the Design District pays homage to Miami’s Art Deco heritage and its connection to the ocean.
SourcingDec 10, 2025
NAJA Announces Details for 2026 ‘Ace It’ Winter Conference“Longtime favorite” presenters, as well as first-time speakers, will lead talks and workshops at the annual event in Tucson next year.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
Events & AwardsDec 10, 2025
MJSA Names 2025 Responsible Design Challenge WinnerSilas Smith of Meridian Metalworks won the challenge with his pendant that blends Australian and American landscapes.
Weekly QuizDec 04, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsDec 09, 2025
‘Desert Rose’ Diamond Sells for $8.8M in Abu DhabiThe sale of the 31.68-carat, sunset-hued stone was part of Sotheby’s first series of events and auctions in Abu Dhabi.
ColumnistsDec 09, 2025
Holiday Sales Happen in December, Most Decisions Don’tMost customers who walk into your store this month have made up their minds. Your job is to validate their choice, Emmanuel Raheb writes.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
TrendsDec 09, 2025
‘Once Upon a Time,’ Guzema Debuted Its Holiday CollectionThe collection features characters and motifs from Ukrainian folklore, including an enchanted mirror and a magic egg.
TechnologyDec 09, 2025
Gemvision Releases Updated MatrixGoldMatrixGold 3.11, the newest version of the jewelry design program, offers more flexibility, precision, and creative control.
Events & AwardsDec 09, 2025
MJSA Showcase Pavilion Returning to JA New York The pavilion will be part of the 2026 JA New York Spring show, scheduled for March 15 to 17.
MajorsDec 08, 2025
Juell Kadet, a ‘Lifelong Pillar’ of Rogers & Hollands, Dies at 96Kadet, a 1994 National Jeweler Retailer Hall of Fame inductee, helped grow the family-owned retailer in the Chicago area and beyond.
TechnologyDec 08, 2025
You’ve Heard of Smart Watches and Rings; Meet Smart EarringsBilled as the world’s smallest wearable, Lumia Health’s new smart earrings have a health tracker subtly embedded in the back.
TrendsDec 08, 2025
Amanda’s Style File: Celebrating December’s BirthstonesDon’t let those with December birthdays feel blue. Help them celebrate their month with blue zircon, turquoise, and tanzanite.
CollectionsDec 05, 2025
Piece of the Week: Robinson Pelham’s ‘Tsar Star’ EarringsThe new pink sapphire version of the piece dances with its wearer in the brand’s “Icons After Dark” holiday campaign.
TrendsDec 05, 2025
Pantone’s Color of the Year for 2026 Is … WhiteA choice that’s generated a lot of commentary, Pantone says “Cloud Dancer” marks a fresh start and encourages relaxation and creativity.
MajorsDec 05, 2025
Stuller Releases ‘Wrapped in Wonder’ CampaignThe manufacturer’s holiday campaign features a gift guide filled with trending designs and jewelry that can be personalized.
CrimeDec 04, 2025
Man Arrested After Allegedly Swallowing Fabergé Egg PendantThe man was charged with theft, accused of ingesting the necklace while in a jewelry store in Auckland, New Zealand.
IndependentsDec 04, 2025
Step Inside JR Dunn Jewelers’ Giant New Store The Florida independent expanded its store from 8,000 to 14,000 square feet, fulfilling the vision of its late co-founder, Jim Dunn.
Supplier BulletinDec 04, 2025
Introducing Shop Natural Day: A New Movement Celebrating Natural DiamondsSponsored by De Beers Group
WatchesDec 04, 2025
Casio Shrinks its G-Shock WatchThe classic 5600 series G-Shock has been scaled down to about a tenth of its size, becoming a fully functioning watch ring.
Events & AwardsDec 04, 2025
AGA Announces 2026 Tucson Speaker LineupThe association’s annual conference and gala will take place Feb. 4, 2026, during the Tucson gem shows.
Events & AwardsDec 04, 2025
CBG Announces Speaker Lineup for 2026 Miami Event The January show will include a workshop for jewelry retailers on implementing AI to strengthen their businesses.
TrendsDec 03, 2025
Miley Cyrus Debuts Edgy Engagement RingFellow musician Maxx Morando proposed to the star with a chunky, cushion-cut diamond ring designed by Jacquie Aiche.
Policies & IssuesDec 03, 2025
Costco Joins Growing Wave of Retailers Suing for Tariff Refunds The retailer, which sells billions in fine jewelry and watches, is suing the Trump administration and U.S. Customs and Border Patrol.
AuctionsDec 03, 2025
Fabergé’s 'The Winter Egg' Achieves Record $30MThe historic egg, crafted for Russia's ruling family prior to the revolution, was the star of Christie’s recent auction of works by Fabergé.
FinancialsDec 02, 2025
Signet Jewelers’ Q3 Sales Up Amid Continued Focus on Lower Price PointsThe retailer offered more fashion jewelry priced under $1,000, including lab-grown diamond and men’s jewelry.
