Consumers began the year in an upbeat mood, sending the Conference Board’s Consumer Confidence Index up 7.3 points to 60.6, its best mark in eight months.
Both components of the Index also saw gains, with the Present Situation Index rising to 31 from 24.9 last month and the Expectations Index increasing to 80.3 from 72.3. The overall figure and Expectations numbers were the highest since May, when they stood at 62.7 and 84.6, respectively, and the Present Situation measure the highest since the 42.3 registered in November 2008, two months after the financial meltdown.
Lynn Franco, director of the Conference Board Consumer Research Center, said, “Consumers rated business and labor market conditions more favorably and expressed greater confidence that the economy will continue to expand and generate more jobs in the months ahead. Income expectations are also more positive. Although pessimists still outnumber optimists, the gap has narrowed.”
Helping this month’s survey was a more positive outlook by consumers about the jobs picture, with those anticipating more jobs in the months ahead rising to 16 percent from 14.2 percent in December.
UBS economist Maury Harris said the improvement in confidence suggests that “consumer spending momentum will carry into [the first quarter], notwithstanding the initial weakness shown by store sales measures.”
In the latest Conference Board survey, those who said they anticipate an improvement in business conditions over the next six months rose to 19 percent from 16.8 percent in December, while the proportion of consumers who expect an increase in their incomes rose to 11.4 percent from 9.9 percent.
Also on Tuesday, a PricewaterhouseCoopers International study presented at the World Economic Forum showed that global business leaders’ view of growth prospects for their companies in the next year had returned to prerecession levels. “For the next 12 months, 48 percent of the [chief executive officers] are very confident of their prospects versus 31 percent a year ago,” Dennis Nally, PricewaterhouseCoopers’ chairman, said.
The survey, which included responses from 1,200 ceo’s from 69 nations, and Conference Board data helped lift retail stocks Tuesday. The S&P Retail Index recovered from a morning slump to gain 0.5 percent to 506.14. The Dow Jones Industrial Average came back from an earlier decline but fell short in moving into positive territory, declining less than 0.1 percent to 11,977.19.
@fearofgod and @maxfieldla have teamed up on a pop-up installation. The store, located in the gallery space across from Maxfield’s Melrose Ave location, is the site of the brand’s House of God pop-up in which Fear of God founder @jerrylorenzo has created a church-inspired installation. A dozen vintage church pews sit in front of an LED screen playing 90s gospel singers in an effort to re-create an environment akin to a Southern Baptist Church, Lorenzo explained. Read more about the pop-up on WWD.com #wwdfashion (📷: Jennifer Johnson)
Known for his sleek, sophisticated American glamour, Norman Norell is the subject of an upcoming exhibition at @fitnyc. “Norell: Dean of American Fashion,” which runs from February 9 through April 14, will feature approximately 100 ensembles and accessories. His best work is exemplified by the designer’s glittering “mermaid” gowns frosted with thousands of hand-sewn sequins – like the one pictured. (📷: William Helburn) #wwdfashion
For pre-fall 2018, @balmain didn’t let go of the glitz. A crystal embroidered baseball jacket priced at around $40,000 hangs in the “couture” section of the brand’s first men’s pre-collection. Sporting the words “Balmain Army” across the back, the item took around two months to make. “When it was completed, it was like Christmas, it was like, ‘It’s done, it’s exactly what I wanted,’” said Balmain’s creative director @olivier_rousteing during a tour of the collection in a Paris showroom on Monday. #wwdfashion
Eighty degree temperatures and outdoor installations at the annual Art Basel Miami Beach called for bright, elevated beachwear. See more street style pictures on WWD.com. #theyarewearing #ABMB (📷: @lifeinreverie)
Following September’s emotional tribute to her brother Gianni, Donatella Versace wanted to bring the spring show’s deep sense of intimacy to her @versace_official pre-fall collection. Donatella found inspiration in Versace Palazzo in Milan and from Gianni’s opulent apartment. Archival patterns and new motifs were splashed on silk shirtdresses and fitted jersey frocks. See the rest of the photos on WWD.com. #wwdfashion
Demna Gvasalia continues to shake up the Paris fashion calendar — and experiment with new runway timetables for his @vetements_official brand. WWD has learned that Vetements plans to stage its next coed show for the fall 2018 season on January 19 during Men’s Fashion Week in the French capital. Details about the timing and venue have not been confirmed — stay tuned on WWD.com to catch the latest. #wwdnews (📷: @giovanni_giannoni_photo)
@zacposen's go-to holiday gift? Cookies! "I'll usually bake cookies and send them as a gift," said the designer, who recently released his cookbook "Cooking With Zac: Recipes from Rustic to Refined." Get the recipe for his Brown Butter-Chocolate Chip Cookies via link in bio 🍪🍪🍪 #wwdeye #cookingwithzac
For @monsemaison’s pre-fall 2018 collection, Fernando Garcia and Laura Kim honed in on the brand’s many signatures — men’s wear, which was tweaked and feminized through deconstruction, proportion play and lots of bare shoulders. See the rest of the photos on WWD.com #wwdfashion (📷: George Chinese)
On Friday night, @yohjiyamamotoofficial received the Design for Asia Lifetime Achievement Award in Hong Kong. The 75-year-old designer has been celebrated for many years and is best known for his dark and avant-garde tailoring. “In my long career, in design, architecture, [I’ve been to] so many parties, this is the very first time that I have such a warm feeling, I really appreciate this,” Yamamoto said. #wwdfashion (📷: @dominiquemaitre)