Confidence nosedives to lowest since Oct. '93
By Furniture Today Staff -- Furniture Today, March 2, 2003
New York — The Conference Board's Consumer Confidence Index fell nearly 15 points in February and now stands at 64 points, the lowest since October 1993, when it reached 60.5. The Expectations Index dropped 15.5 points and the Present Situation Index fell 13.7 points.
Looking ahead six months, survey participants retrenched on buying plans for big-ticket items, with the exception of home buying. In February, 3.8% of respondents planned to buy a home within six months, compared with 3.6% in January.
The percentage planning to buy a car within six months dropped from 6.8% in January to 6.5% in February, and 26.4% reported plans to buy a major appliance, a decrease from 28.2% in January.
Business conditions six months hence were expected to be worse than current conditions by 19%, up from 14% a month ago. More than a quarter of respondents also predicted fewer jobs ahead — 28.4% of participants in February, compared with 21.2% in January.
Lynn Franco, director of the board's Consumer Research Center, said, "Lackluster job and financial markets, rising fuel costs and the increasing threat of war and terrorism appear to have taken a toll on consumers."
Franco added, "This month's confidence readings paint a gloomy picture of current economic conditions, with no apparent rebound on the short-term horizon."
The index is based on a representative sample of 5,000 U.S. households.
-
Consumer confidence dips
Jan 4, 2004 -
Consumer confidence continues slide in Sept.
Sep 29, 2002 -
Consumer confidence rebounds
Jan 16, 2005 -
Consumer confidence up slightly in May
May 30, 2004
Specialty retailer LoveSac introduces new store design
Kincaid Furniture honors Jimmy and Rosalynn Carter for Habitat work
Belfort Furniture, Lawrance Furniture are NHFA Retailers of Year
Omnia Furniture ends relationship with Kathy Ireland Worldwide
Singapore furniture show expecting increased turnout
Featured Company
-
Wright Labels
Bill and Tom Wright founded Wright of Thomasville in 1961 on the idea that printing was a creative medium and the belief that "a promise made is a promise kept." The Wright brothers focused their attention on providing exceptional printing for the... more
VIEW ALL GALLERIES
