The Conference Board’s Consumer Confidence Index is based on a survey of all age groups and most income groups, and the sharpest decline in confidence came from consumers between 35 and 55 years old and households earning at least $125,000 per year. A confidence drop was seen among all political affiliations, according to the Conference Board.

The Consumer Confidence Index plunged in April, reaching the lowest level in five years, and reveals consumers' pessimism for the future.

The Conference Board also said Americans’ expectations about future income prospects turned clearly negative for the first time in five years. Consumers are now worrying about their personal