BLACKSBURG, Va., Oct. 5 -- Virginia Polytechnic Institute and State University issued the following news release:
U.S. consumer confidence sank to a 12-year low in September, according to the U.S. Consumer Confidence Survey. With households cutting back and businesses raising prices, Virginia Tech marketing expert Shreyans Goenka explains what the decline means for shoppers, brands, and policymakers amid inflation and job anxiety.
How do we define consumer confidence, and why is it dropping?
"At its core, consumer confidence is consumers' belief in the strength of the economy, and right now that belief is being hit from every direction at once. Rising costs for food, energy, and housing, combined with higher borrowing rates and fears ove...