SurveysFeb 29, 2024
Want Insight Into Industry Salaries? Check Out This Careers Guide SurveysMar 27, 2024
Consumer Confidence Held Steady in March
Optimism about the current state of the economy was offset by anxiety around inflation and the political environment.
The Conference Board’s consumer confidence index slid down to 104.7 in March as consumers expressed concerns about inflation and anxiety about the future economy.
New York—U.S. consumer confidence was mostly unchanged in March as optimism about the current economy was offset by anxiety about the future, including the political environment.
The Conference Board’s consumer confidence index slipped to 104.7 in March, down slightly from a downwardly revised 104.8 in February.
Confidence rose among consumers aged 55 and over but fell for those under 55.
Consumers in the $50,000 to $99,999 income range reported lower confidence in March, while confidence improved slightly in all other income groups.
Dana Peterson, chief economist at The Conference Board, noted that over the last six months, “confidence has been moving sideways with no real trend to the upside or downside either by income or age group.”
“Consumers remained concerned with elevated price levels, which predominated write-in responses. March’s write-in responses showed an uptick in concerns about food and gas prices, but in general complaints about gas prices have been trending downward,” said Peterson.
The average 12-month inflation expectations came in at 5.3 percent, relatively unchanged from February’s four-year low of 5.2 percent.
Recessions fears were trending downward, said the Conference Board, both in write-in responses and by its own measure.
The “Consumers’ Perceived Likelihood of a US Recession Over the Next 12 Months” returned to its downward trajectory after a brief uptick last month.
“Meanwhile, consumers expressed more concern about the U.S. political environment compared to prior months,” said Peterson.
The Present Situation Index, which measures consumers’ current view of business and labor market conditions, rose to 151 in March from 147.6 in February.
Consumers’ view of current business conditions was mixed in March, with the percentage of respondents who said current business conditions are “good” mostly flat at 20 percent, while those who said conditions are “bad” decreased to 17 percent from 18 percent.
Consumers’ view of the labor market was more positive in March.
The percentage of respondents who felt jobs were plentiful was flat at 43 percent, while 11 percent said jobs were “hard to get,” down from 13 percent last month.
Related stories will be right here …
The Conference Board’s consumer confidence index slipped to 104.7 in March, down slightly from a downwardly revised 104.8 in February.
Confidence rose among consumers aged 55 and over but fell for those under 55.
Consumers in the $50,000 to $99,999 income range reported lower confidence in March, while confidence improved slightly in all other income groups.
Dana Peterson, chief economist at The Conference Board, noted that over the last six months, “confidence has been moving sideways with no real trend to the upside or downside either by income or age group.”
“Consumers remained concerned with elevated price levels, which predominated write-in responses. March’s write-in responses showed an uptick in concerns about food and gas prices, but in general complaints about gas prices have been trending downward,” said Peterson.
The average 12-month inflation expectations came in at 5.3 percent, relatively unchanged from February’s four-year low of 5.2 percent.
Recessions fears were trending downward, said the Conference Board, both in write-in responses and by its own measure.
The “Consumers’ Perceived Likelihood of a US Recession Over the Next 12 Months” returned to its downward trajectory after a brief uptick last month.
“Meanwhile, consumers expressed more concern about the U.S. political environment compared to prior months,” said Peterson.
The Present Situation Index, which measures consumers’ current view of business and labor market conditions, rose to 151 in March from 147.6 in February.
Consumers’ view of current business conditions was mixed in March, with the percentage of respondents who said current business conditions are “good” mostly flat at 20 percent, while those who said conditions are “bad” decreased to 17 percent from 18 percent.
Consumers’ view of the labor market was more positive in March.
The percentage of respondents who felt jobs were plentiful was flat at 43 percent, while 11 percent said jobs were “hard to get,” down from 13 percent last month.
The Expectations Index, which measures consumers’ outlook for income, business, and labor market conditions in the near future, fell to 73.8 from 76.3 in February.
Notably, an Expectations Index reading below 80 often signals a recession ahead, said the Conference Board.
Expectations for the next six months slipped to the lowest level since October 2023, it said.
Looking at short-term business conditions, respondents’ outlooks were more pessimistic, with 14 percent of respondents expecting business conditions to improve, flat from February, while the number of respondents that expect them to worsen was up to 18 percent from 17 percent.
Consumers’ assessment of the short-term labor market outlook in March was essentially unchanged from February.
The percentage of respondents who expect more jobs to be available was flat at 14 percent, while the number of respondents who expect fewer jobs to be available was also flat at 18 percent.
Consumers’ assessment of their short-term income prospects was also more pessimistic in March.
The number of respondents who expect their incomes to increase was up slightly to 17 percent from 16 percent in February. However, more respondents (14 percent) expect their incomes to decrease, up from 12 percent.
Respondents also were more pessimistic about their family financial situation over the next six months, a measure not included in the Expectations Index.
Consumers had a more positive view of stock prices throughout the year, but concerns about interest rates remained.
The percentage of consumers expecting an increase in interest rates over the year ahead rose above 50 percent for the first time since November 2023, said the Conference Board.
On a six-month basis, plans to buy automobiles, homes, and big-ticket appliances, all purchases that can be subject to interest rates, were down again.
Planned spending for services in 2024 increased relative to the same time last year, it said, noting consumers plan to spend more on healthcare, motor vehicle services, and lodging for personal travel, while spending less on entertainment.
The Conference Board is scheduled to release its results for April on April 30.
More on Surveys
The Latest
MajorsAug 26, 2024
Longtime Industry Sales Trainer Lenny Zell Dies at 97Said to be the first to write a jewelry sales manual for the industry, Zell is remembered for his zest for life.
WatchesAug 26, 2024
IWC Is Sending Its Watches to SpaceThe company outfitted the Polaris Dawn spaceflight crew with watches that will later be auctioned off to benefit St. Jude’s.
AuctionsAug 23, 2024
Abernethy Pearl Tops Estimates at Auction A buyer paid more than $100,000 for the gemstone known as “Little Willie,” setting a new auction record for a Scottish freshwater pearl.
Brought to you by
Watch: Natural Diamonds: A Great (but Often Untold) Geology StorySupplier Spotlight Sponsored by GIA.
CollectionsAug 23, 2024
Piece of the Week: Gumuchian’s Colorful ‘Spectrum’ NecklaceAnita Gumuchian created the 18-karat yellow gold necklace using 189 carats of colored gemstones she spent the last 40 years collecting.
Weekly QuizAug 23, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingAug 22, 2024
2,492-Carat Diamond Recovered From Botswana Diamond MineThe giant gem came from Karowe, the same mine that yielded the 1,109-carat Lesedi La Rona and the 1,758-carat Sewelô diamond.
TrendsAug 22, 2024
Kaley Cuoco Has a Three-Stone Engagement Ring With a TwistThe three-stone ring was designed by Shahla Karimi Jewelry and represents Cuoco, her fiancé Tom Pelphrey, and their child.
Brought to you by
Watch: Forging the Next Generation of Skilled Bench Jewelers at GIASupplier Spotlight Sponsored by GIA
CollectionsAug 22, 2024
Greenwich St. Jewelers Collabs with TikTok Jewelry Content CreatorThe Manhattan jewelry store has partnered with Xarissa B. of Jewel Boxing on a necklace capsule collection.
TechnologyAug 21, 2024
Instagram’s Notes Feature Expands to Posts, ReelsActing as temporary virtual Post-it notes, Notes are designed to help strengthen mutual connections, not reach new audiences.
TrendsAug 21, 2024
Carol Woolton To Release New BookThe jewelry historian discusses the history and cultural significance of jewelry throughout time and across the globe.
TrendsAug 21, 2024
Amanda’s Style File: Shimmy and ShakeFrom fringe and tassels to pieces that give the illusion they are in motion, jewelry with movement is trending.
IndependentsAug 20, 2024
Mixed-Media Jewelry Artist Jan Yager Dies at 72The designer and maker found community around her Philadelphia studio and creative inspiration on the sidewalks below it.
ColumnistsAug 20, 2024
Google Ads Payment Policy Change: What It Means For YouThe change to accepted payment methods for Google Ads might seem like an irritation but actually is an opportunity, Emmanuel Raheb writes.
IndependentsAug 20, 2024
Pat Henneberry Releases MemoirThe industry consultant’s new book focuses on what she learned as an athlete recovering from a broken back.
Events & AwardsAug 20, 2024
The Ethical Gem Fair Is Going to CaliforniaThe fair will take place on the West Coast for the first time, hosted by Altana Fine Jewelry in Oakland, California.
MajorsAug 20, 2024
Kathy Hillelson Joins Board of WJA Foundation Hillelson is a second-generation diamantaire and CEO of Owl Financial Group.
Events & AwardsAug 19, 2024
Nominations Are Open for the 2025 Gem AwardsSubmissions in the categories of Jewelry Design, Media Excellence, and Retail Excellence will be accepted through this Friday, Aug. 23.
AuctionsAug 19, 2024
Scotland’s Famed Abernethy Pearl Is Up for Sale Known as “Little Willie,” it’s the largest freshwater pearl found in recent history in Scotland and is notable for its shape and color.
IndependentsAug 19, 2024
Kentucky Jeweler Closing After 89 YearsClements Jewelers in Madisonville cited competition from larger retailers and online sellers as the driving factor.
SourcingAug 19, 2024
A&C Gem Trading Corp. Relocates, Opens Wholesale ShowroomThe gemstone company is moving to the Ross Metal Exchange in New York City’s Diamond District.
CrimeAug 16, 2024
Jewels Stolen During Green Vault Heist Back on DisplayMost of the 18th century royal jewelry taken from the Green Vault Museum in Dresden, Germany, in 2019 went back on display this week.
IndependentsAug 16, 2024
Louis Anthony Jewelers Announces First Resort StoreThe Pittsburgh jeweler has opened a store in the nearby Nemacolin resort.
CollectionsAug 16, 2024
Piece of the Week: Jonne Amaya’s ‘Cat Claw’ NecklaceWith a 40-carat cabochon emerald, this necklace is as powerful and elegant as a cat.
Events & AwardsAug 16, 2024
IJO Names Jewel-Craft as VIP Vendor of the YearThe Erlanger, Kentucky-based company was recognized for its reliability when it comes to repairs and fast turnaround times.
SourcingAug 15, 2024
Greenland Ruby Is Up For SaleUnable to pay its debts, the ruby and sapphire miner is looking to restructure and become a “competitive and attractive” company.
TrendsAug 15, 2024
Paola De Luca to Debut Trendbook 2026+ at VicenzaoroThe trend forecaster’s latest guide has intel on upcoming trends in the jewelry market.
