Consumer Confidence Plunges to All-Time Low
“Looking ahead, consumers are extremely pessimistic, and a significantly larger proportion than last month foresees business and labor market conditions worsening. Their earnings outlook, as well as inflation outlook, is also more pessimistic, and this news does not bode well for retailers who are already bracing for what is shaping up to be a very challenging holiday season,” said Franco.
The Consumer Confidence Survey is based on a representative sample of 5,000 U.S. households. The cutoff date for October’s preliminary results was Oct. 21.