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American consumer confidence plummeted in January to levels not seen since 2014, as households grapple with persistent inflation and a daunting cost of living.
The Conference Board’s latest index fell nearly 10 points to 84.5, a figure that remarkably undercuts even the lowest points of the COVID-19 pandemic.
The decline was universal, with all five metrics of the index showing a downturn.
Chief Economist Dana Peterson noted that concerns regarding both the current economy and future expectations have deepened, leaving business outlooks “barely positive.”
Families are feeling the squeeze most acutely at the grocery store and gas pump, while anxiety over tariffs, trade, and the labour market continues to climb.
In response to these mounting pressures, Americans are pulling back on major spending. Plans for big-ticket purchases over the next six months have stalled, with consumers becoming far more selective.
While smaller items like furniture and smartphones remain on some shopping lists, the general trend points toward a cautious, defensive stance on household finances for the foreseeable future.
