Market researcher Morning Consult reported consumer confidence in the United States is dropping at different rates depending on household income.
The Morning Consult U.S. Consumer Confidence Tracker, a continually updated study of consumer personal finances and business conditions, indicates that consumer sentiment has been slipping for much of 2025. The latest five-day moving average in Morning Consult’s key Index of Consumer Sentiment stands at 93.6, the lowest reading since October of last year and below the 100 dividing line between positive and negative views.
Sentiment among consumers with a household income of $100,000 or more has declined less notably than that prevailing for lower-income earners, remaining elevated at 108.2, down just 5.6 points since 2025’s beginning. A recent Morning Consult analysis found that high-income consumers are still spending robustly on essential purchases and non-essential goods and services, but particularly on non-essentials. The ICS for adults earning under $50,000 is 87.8, while the figure for those earning between $50,000 and $100,000 is 95.6.
The five-day moving average rose in early November 2024 but reversed course, falling through the middle of the month, then generally gaining until late January, when it began an overall decline that continues.
