Conference Board’s Consumer Confidence Index in the US recorded a dip in October 2023, falling from 104.3 to 102.6, though it managed to beat the anticipated 100.4. This decline marks the third consecutive month where consumer confidence has waned. Breaking it down further, Present Situation Index saw a decrease from 146.2 to 143.1, while Expectations Index also experienced a slight drop, moving from 76.4 to 75.6.
Dana Peterson, Chief Economist at Conference Board, highlighted, “Consumer confidence fell again in October 2023, marking three consecutive months of decline.” This drop in confidence reflects concerns in both the present economic conditions and future expectations.
One of the primary worries for consumers remains the rising prices, particularly noticeable in groceries and gasoline. These increasing costs continue to be a major concern, influencing overall consumer sentiment.
In addition to economic factors, political uncertainty and escalating interest rates have also contributed to the decline in confidence. Furthermore, increasing tensions and unrest in the Middle East have heightened worries around war and conflicts, adding another layer of apprehension among consumers.