Consumer confidence has fallen to its lowest level since 2014, according to the Conference Board's monthly consumer confidence survey.
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The index now stands at 81.9 — a 12-year low. While that figure is lower than confidence levels recorded during the COVID-19 pandemic, it remains far above the mid-20s range where confidence bottomed out during the Great Recession.
Several demographic breakdowns stand out in the data. Gen Z, millennials, and higher-income households remain the most optimistic. However, households earning between $125,000 and $149,000 have seen the steepest drop in confidence over the past six months.
The Conference Board's findings are not an outlier. The University of Michigan's Consumer Sentiment Survey, which has tracked consumer attitudes for 50 years, hit a record low of its own this past April.
Much of the recent decline is being driven by one political group: Republicans. Over the past year, Republican confidence in the economy is down 15 points. Independents are down 4 points, and Democrats are down 5.
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