SurveysJun 26, 2024
Consumer Confidence Slips in June Amid Rising PricesSurveysAug 01, 2024
Consumers Feeling a Little More Confident in July
The Conference Board’s Consumer Confidence Index rose to 100.3 from a downwardly revised 97.8 in June.
Confidence among consumers improved last month, according to The Conference Board, with U.S. shoppers feeling more optimistic about the next six months, but slightly less secure about their current situations.
New York—Consumer confidence increased in July but remains within the “narrow range” it has occupied for the past two years, as high prices and interest rates continue to weigh on consumers’ minds, The Conference Board said Tuesday.
According to the board’s latest Consumer Confidence Index, U.S. consumers were feeling more positive last month, though they’re generally more optimistic about the short-term future than the present.
The index rose to 100.3 in July from a downwardly revised 97.8 in June.
The Present Situation Index, which measures consumers’ views on the current state of business and the job market, fell from 135.3 in June to 133.6 in July, but the Expectations Index, which asks consumers how they think conditions will be six months from now, rose to 78.2 from 72.8 in June.
However, it remains below 80, which usually signals a recession ahead.
“Confidence increased in July, but not enough to break free of the narrow range that has prevailed over the past two years,” The Conference Board Chief Economist Dana M. Peterson said.
“Even though consumers remain relatively positive about the labor market, they still appear to be concerned about elevated prices and interest rates, and uncertainty about the future; things that may not improve until next year.”
Age group-wise, Peterson said consumers under 35 and those who are 55 and older (the oldest members of Gen X and the baby boomers) felt more confident in July, while confidence declined among consumers ages 35-54, a mix of millennials and Gen Xers.
On a month-over-month basis, no clear pattern emerged in terms of income groups, she said, but on average over the last six months, consumers making more than $100,000 were the most confident.
She added that the proportion of consumers predicting a recession increased in July but still remains well below its 2023 peak.
Related stories will be right here …
According to the board’s latest Consumer Confidence Index, U.S. consumers were feeling more positive last month, though they’re generally more optimistic about the short-term future than the present.
The index rose to 100.3 in July from a downwardly revised 97.8 in June.
The Present Situation Index, which measures consumers’ views on the current state of business and the job market, fell from 135.3 in June to 133.6 in July, but the Expectations Index, which asks consumers how they think conditions will be six months from now, rose to 78.2 from 72.8 in June.
However, it remains below 80, which usually signals a recession ahead.
“Confidence increased in July, but not enough to break free of the narrow range that has prevailed over the past two years,” The Conference Board Chief Economist Dana M. Peterson said.
“Even though consumers remain relatively positive about the labor market, they still appear to be concerned about elevated prices and interest rates, and uncertainty about the future; things that may not improve until next year.”
Age group-wise, Peterson said consumers under 35 and those who are 55 and older (the oldest members of Gen X and the baby boomers) felt more confident in July, while confidence declined among consumers ages 35-54, a mix of millennials and Gen Xers.
On a month-over-month basis, no clear pattern emerged in terms of income groups, she said, but on average over the last six months, consumers making more than $100,000 were the most confident.
She added that the proportion of consumers predicting a recession increased in July but still remains well below its 2023 peak.
The Conference Board, a New York-based nonprofit think tank, publishes its Consumer Confidence Index every month. It is based on an online survey that technology company Toluna conducts on behalf of the board. The survey includes write-in responses.
In July, those responses showed that higher prices, especially for food and groceries, and inflation continue to color consumers’ outlook on the economy.
Other factors include the U.S. political situation and the labor market.
The Conference Board said mentions about the forthcoming presidential election increased in July, though the share of respondents who wrote that the 2024 election will impact the economy is lower than it was in July 2016.
The Conference Board asked a supplemental question about future spending on services in July.
Consumers said over the next six months, they plan to spend less on discretionary services, like travel, amusement parks and gambling, and to save money by opting for the less expensive choice, e.g., streaming a film at home instead of going to the movies.
They will continue to prioritize non-discretionary expenditures, like health care and service and repairs on their cars and trucks, The Conference Board said.
More on Surveys
The Latest
CrimeJun 18, 2025
7 Men Indicted in $100M Brinks Jewelry HeistThe heist happened in Lebec, California, in 2022 when a Brinks truck was transporting goods from one show in California to another.
AuctionsJun 18, 2025
Historic ‘Marie-Thérèse Pink’ Diamond Fetches $14M at Christie’sThe 10-carat fancy purple-pink diamond with potential links to Marie Antoinette headlined the white-glove jewelry auction this week.
EditorsJun 18, 2025
Q&A: Caryl Capeci Dives Into Cruise Jewelry ShoppingThe Starboard Cruises SVP discusses who is shopping for jewelry on ships, how much they’re spending, and why brands should get on board.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
AuctionsJun 18, 2025
16th-Century ‘Gresham Grasshopper’ Ring Sells for $56KThe historic signet ring exceeded its estimate at Noonans Mayfair’s jewelry auction this week.
Weekly QuizJun 12, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJun 18, 2025
Kirk Kara Celebrates 135 Years With New JewelsTo mark the milestone, the brand is introducing new non-bridal fine jewelry designs for the first time in two decades.
SourcingJun 18, 2025
Gemfields Sells 36-Carat Rough RubyThe gemstone is the third most valuable ruby to come out of the Montepuez mine, Gemfields said.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
TechnologyJun 18, 2025
Alex Brown Named President of Smithee GroupFounder and longtime CEO Ben Smithee will stay with the agency, transitioning into the role of founding partner and strategic advisor.
EditorsJun 17, 2025
The Best New Jewelry from Couture 2025, Part 1Associate Editor Natalie Francisco shares 20 of her favorite pieces from the jewelry collections that debuted at Couture.
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.
AuctionsJun 17, 2025
Colored Gemstones, Signed Jewels Shine in Sotheby’s High Jewelry SaleThe top lot was a colorless Graff diamond, followed by a Burmese ruby necklace by Marcus & Co.
MajorsJun 17, 2025
Amanda Gizzi Gets a Promotion at JAGizzi, who has been in the industry since 2001, is now Jewelers of America’s senior vice president of corporate affairs.
MajorsJun 17, 2025
Kering Names Automotive Exec as Its New CEOLuca de Meo, a 30-year veteran of the auto industry, will succeed longtime CEO François-Henri Pinault.
EditorsJun 16, 2025
Q&A: Bogolo Joy Kenewendo on Mining, Tariffs, and the Energy of Las VegasFollowing visits to Vegas and New York, Botswana’s minerals minister sat down with Michelle Graff to discuss the state of the diamond market.
IndependentsJun 16, 2025
Greenwich St. Jewelers Launches Commitment Campaign Celebrating LGBTQ+ CouplesThe “Your Love Has the Perfect Ring” campaign showcases the strength of love and need for inclusivity and representation, the jeweler said.
MajorsJun 16, 2025
Ivette Nersesyan-Stephanopoulos Joins Tiffany & Co.The former De Beers executive is the jewelry house’s new director of high jewelry for the Americas.
MajorsJun 16, 2025
Catbird Names WNBA Star Nyara Sabally as Its New Brand AmbassadorThe New York Liberty forward is the first athlete to represent the Brooklyn-based jewelry brand.
CollectionsJun 13, 2025
Piece of the Week: Robinson Pelham’s Pear EarringsTake a bite out of the 14-karat yellow gold “Fruits of Love Pear” earrings featuring peridots, diamond stems, and tsavorite leaves.
Events & AwardsJun 13, 2025
AGA to Host ‘Diamonds From Mine to Market’ Education ConferenceThe one-day virtual event will feature speakers from De Beers, GIA, and Gemworld International.
EditorsJun 12, 2025
15 Questions With Jewelry Photographer Ella SophieThe California-based creative talks jewelry photography in the modern era and tackles FAQs about working with a pro for the first time.
AuctionsJun 12, 2025
Vintage Patek Philippe From the ‘50s Sells for $4M at Sotheby’s Al Capone’s pocket watch also found a buyer, though it went for less than half of what it did at auction four years ago.
Events & AwardsJun 12, 2025
Gabriel Love Foundation Introduces Scholarship Honoring Elias GabrielThe foundation has also expanded its “Stronger Together” initiative with Jewelers for Children.
AuctionsJun 12, 2025
Former De Beers Exec Celine Assimon Joins BonhamsAssimon is the auction house’s new chief commercial officer.
EditorsJun 11, 2025
Q&A: Al Cook on Differentiating Natural Diamonds, Traceability, and TariffsThe De Beers Group CEO discusses the company’s new “beacon” program, the likelihood diamonds will be exempt from tariffs, and “Origin.”
MajorsJun 11, 2025
Pandora Bets on Las Vegas for First North American FlagshipThe Danish jewelry giant hosted its grand opening last weekend, complete with a Pandora pink roulette wheel.
GradingJun 11, 2025
Tiffany Stevens Exits IGI, Lab Appoints New Board LeaderIndustry veteran Anoop Mehta is the new chairman and independent director of the IGI board.
