Economy
22 December 2022
Consumers lift spirits to end 2022
Consumer confidence improved in December following two straight months of declines, the Conference Board reports.

Consumer confidence improved in December following two straight months of declines, the Conference Board reports.
American consumers are ending the year on a hopeful note.
The Consumer Confidence Index rebounded in December after two straight months of declines, according to the Conference Board. This marked the highest reading for the index since April 2022.
The bounce up to 108.3 was a marked improvement over 101.4 in November. Consumers’ assessments of the current business and job conditions stepped up, as did expectations. However, the short-term outlook continues to hover around levels consistent with a recession.
The report came after two straight months of Consumer Price Index reports showing a deceleration of inflation in a year when it has been parked at 40-year highs. Economists say there is more work to do to bring inflation down, but gas prices have dropped, even as food prices remain elevated.
"The Present Situation and Expectations Indexes improved due to consumers' more favorable view regarding the economy and jobs,” said Lynn Franco, senior director of economic indicators at the Conference Board, in a statement. “Inflation expectations retreated in December to their lowest level since September 2021, with recent declines in gas prices a major impetus.”
The uptick is a welcome signal to end a year in which consumer confidence and other measures like the University of Michigan’s consumer sentiment index have been in the doldrums amid stubborn inflation. It's especially encouraging at a time when recession fears for 2023 are fomenting.
It's among the signs that the economy continues to hold up. Third-quarter gross domestic product was revised upward to a growth rate of 3.2% by the US Bureau of Economic Analysis on Thursday. That's up from 2.9% in a prior reading. Meanwhile, the job market continues to be historically tight. Initial jobless claims inched up by 2,000 this week, but the theme across the economy continues to be one of job security.
But hazards remain heading into 2023. Inflation is still elevated, and the Federal Reserve has been hiking interest rates for months. The cumulative effect of these actions on consumers will be a key economic story of the next year. Some areas are already feeling the impact. Home sales fell for the 10th straight month, with a 7.7% decline, the National Association of Realtors reported.
The Conference Board is already detecting a pullback in larger buys.
“Vacation intentions improved but plans to purchase homes and big-ticket appliances cooled further,” Franco said. “This shift in consumers' preference from big-ticket items to services will continue in 2023, as will headwinds from inflation and interest rate hikes."
On the Move has the latest hiring update from The Vitamin Shoppe and At Home.
Heidi O’Neill has a new role at Nike. (Courtesy photo)
This week, Unilever, Nike and BigCommerce are seeing major transitions in the executive ranks. Meanwhile, The Vitamin Shoppe named a permanent CEO, and At Home brought on a longtime Walmart executive as president.
Conny Braams. (Courtesy photo)
Consumer goods giant Unilever announced key changes in top leadership roles. These include:
Graeme Pitkethly will retire as chief financial officer, effective at the end of May 2024. The board is set to launch a formal search for his successor. Pitkethly has been with Unilever for 21 years.
Conny Braams, who serves as chief digital and commercial officer, will leave the company, effective August 2023. Braams previously held senior management roles including Executive Vice President (EVP) of Middle Europe; and EVP Foodsolutions Asia, Africa and Middle East.
Craig Williams. (Courtesy photo)
Nike, Inc. announced several key leadership changes focused on consumer-led growth and marketplace. They are as follows:
Heidi O’Neill who is currently president of consumer and marketplace, will become president of consumer, product and brand.
Craig Williams, who is currently president of the Jordan Brand, will become president of geographies and marketplace at Nike, Inc.
Matthew Friend, EVP and Chief Financial Officer at NIKE, Inc., will expand responsibilities to include procurement, global places and services and demand and supply management.
Jared Carver will serve as CEO of Converse. Over the last four years, he served as VP/GM of North America for Converse.
Scott Uzzell, the previous CEO of Converse, transitioned to a new role as VP/GM, North America for Nike, Inc.
“These shifts will allow us to streamline our focus across product, brand storytelling and marketplace, mining deep consumer insights to deliver breakthrough innovation and engagement, while building long-term growth and profitability,” said Nike CEO John Donahoe, in a statement.
Lee Wright. (Courtesy photo)
Lee A. Wright was named CEO of The Vitamin Shoppe on a permanent basis, after serving as interim CEO since January 2023. Wright previously served as Chief Commercial Officer of Franchise Group and in executive roles at Conn’s.
Muriel Gonzalez was promoted to president of the retailer, after serving as EVP and chief merchandising and marketing officer of The Vitamin Shoppe since August 2020.
BigCommerce announced the following leadership roles:
Daniel Lentz was promoted to chief financial officer of BigCommerce, effective July 1. He previously served as SVP of finance and investor relations. Lentz will succeed CFO Robert Alvarez, who is retiring after a 12-year stint as CFO.
Chuck Cassidy was promoted to general counsel, effective June 2. Cassidy previously served as VP and associate general counsel. He will succeed Jeff Mengoli, who is retiring.
Hubert Ban was named chief accounting officer. He will replace Vice President of Accounting and Principal Accounting Officer Thomas Aylor, who departed the ecommerce platform on May 19.
Jeff Evans. (Courtesy photo)
Jeff Evans was named president and chief merchandising officer of At Home, the home goods retailer.
Evans previously served as EVP of entertainment, toys and seasonal at Walmart, managing the largest general merchandise business for the retailer. He rose to the position after serving in executive roles at Walmart US and Sam’s Club.