COVID-19 Sent March Consumer Confidence Plunging, Says Conference Board
Consumer intentions to buy new TV sets declined sharply in March from February, according to preliminary Conference Board data released Tuesday. Nielsen canvassed 5,000 U.S. homes through March 19 and found 11.5% plan to buy a new TV in the…
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next six months, said the board. That was down from 13.2% in February and 13.7% in March 2019, it said. Coronavirus worries sent the Consumer Confidence Index plunging 12.6 points in March from February, it said: “The intensification of COVID-19 and extreme volatility in the financial markets have increased uncertainty about the outlook for the economy and jobs. March’s decline in confidence is more in line with a severe contraction -- rather than a temporary shock -- and further declines are sure to follow.”