American shoppers are feeling a bit more cautious lately as new data shows consumer sentiment took a slight dip, falling 0.6 points to land at 88.3. But the real story isn’t the total number—it is the growing gap between those who are feeling the squeeze at the pump and those cheering on the stock market.
According to the latest figures from Morning Consult, lower- and middle-income households saw their confidence drop by 1.4 points and 0.8 points, respectively. For these families, stubbornly high gas prices are making it harder to stay optimistic about the economy.
On the other end of the spectrum, higher-income adults saw a significant 2.4-point jump in sentiment, reaching 109.6, largely thanks to equity markets hitting fresh record highs.
This shift has pushed Morning Consult’s Consumer Health Index (CHI) into negative territory for the first time since late 2024. The CHI is a specialized tool that measures both the willingness of people to spend and their actual ability to afford those purchases. Because the score has dipped below zero, it signals that consumer demand may soon begin to contract rather than grow.
READ: Gasoline Spikes And Grocery Hikes: April Inflation Hits 3.8% As War Strains U.S. Economy
Kayla Bruun of Morning Consult recently noted that these trends were already showing up in the details of the April Jobs Report.
While consumers managed to keep spending throughout 2025 despite hurdles like tariffs and rising fuel costs, the momentum appears to be shifting into a lower gear as 2026 progresses.
The index serves as a real-time pulse on the economy, designed to predict year-over-year spending growth before traditional, slower-moving government reports are released.
With the current reading signaling a potential turn toward negative growth, the data suggests that while the wealthy are seeing gains, the average household is starting to pull back.
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