Conference Board Finds Consumer Price Concerns Hit New Highs

In September, concerns about the cost of fuel and other goods and services reached new heights, pushing consumer confidence to its lowest point in recent times, according to The Conference Board. The Consumer Confidence Index dropped by 6.7 points in September to 81.9, while other indices measuring consumer outlook and short-term expectations also declined.

Dana M. Peterson, The Conference Board's chief economist, noted that consumers' written responses primarily focused on pessimistic factors, with prices and oil and gas costs being the most prominent concerns. The national average gas price, reported by AAA, hit an all-time high for this time of year in September. The University of Michigan's Surveys of Consumers also indicated a decline in consumer sentiment, citing high prices and trade disputes as factors.

The PYMNTS Consumer Expectations Index for September declined by 0.7 points to 54.1, with the main drivers being weakened views on the economy, buying conditions, and job mobility. Furthermore, a PYMNTS Intelligence report revealed that Gen X consumers are saving less due to rising regular expenses.