Consumer confidence tanks, but higher-income households have more cushion to land on

By Michael Nocerino

Earlier this month, we published a spotlight that focused on the impact of tariffs on consumer sentiment and spending plans. This companion report, also based on our Macroeconomic Outlook, Consumer Spending, Sentiment and Expectations 2025 survey, takes a deeper dive into consumer experiences simmering just below the surface of the top-line data.