Alon Ozer Discusses Falling Consumer Confidence with NBC News
Despite stocks recently reaching record highs, October marks the third consecutive month of consumer confidence falling, according to The Conference Board’s consumer index.
While it is no surprise that the impending trade war and slowing down of job growth are dominant factors in this slipping consumer confidence, experts say another reason why shoppers may be curbing their spending habits is due to heightened worry in corporate America. In fact, even if consumers are happy with their bank accounts, lowered CEO confidence can often cause shoppers to worry about trouble ahead.
To better understand consumer confidence’s relationship with CEO confidence, NBC News recently spoke with Omnia Family Wealth Chief Investment Officer Alon Ozer.
“What we do kind of worry about is, there’s a relationship between the consumer confidence and CEO confidence,” explains Ozer. “CEO confidence tends to lead to consumer confidence – and that one hasn’t been going great.”
Supporting Ozer’s statement, The Conference Board discovered that CEO confidence fell to its lowest level in a decade earlier this month. This plunge is likely due to the same heightened degree of uncertainty that is beginning to affect consumers.
“That’s what concerns me about consumer confidence – that it’s going to start following the CEO confidence,” Ozer said.