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JCOC: New year isn't renewing consumer confidence

February 11, 2009

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New York--The latest data from the Jewelry Consumer Opinion Council (JCOC) shows that the start of the new year--and inauguration of a new president--did little to perk up consumer confidence in the month of January.

The JCOC's monthly economic tracking data for January 2009 showed that close to 90 percent of consumers surveyed believe business conditions are worse today than they were a year ago.

The number of consumers who believe today's business conditions are better than they were a year ago has been hovering at 0 percent since October, and only about 11 percent of consumers feel business conditions today are the equivalent of what they were a year ago, according to the data.

Looking ahead, about 38 percent of consumers surveyed say business conditions a year from now will remain the same as they are today.

About 28 percent expect the economic situation to deteriorate further, while 20 percent see improvement on the horizon in a year's time.

Given sinking consumer confidence, it shouldn't be surprising then that according to the JCOC data, more than 90 percent of consumers did not purchase jewelry in January.

According to the data, about 48 percent of consumers see now as neither a good nor a bad time to purchase jewelry, and 45 percent believe the same when it comes to the next 12 months.

The JCOC asks U.S. consumers of all ages, genders, income levels and geographic regions a variety of questions about their shopping habits, preferences and plans for future purchases on a monthly basis.

A minimum of 2,000 consumers complete the questionnaire, which is then compiled into the JCOC's monthly economic tracking report.
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