The Conference Board announced on Tuesday its U.S. consumer confidence fell 3.7 points to 88.6 in December from 92.9 in November.

Economists had expected consumer confidence to come in at 97.0.

November’s consumer confidence reading was revised down from originally-estimated 96.1.

The survey showed that the expectations index rose from 84.3 last month to 87.5 this month. Meanwhile, the present situation index plunged from 105.9 in November to 90.3.

“Consumers’ assessment of current conditions deteriorated sharply in December, as the resurgence of COVID-19 remains a drag on confidence,” noted Lynn Franco, Senior Director of Economic Indicators at The Conference Board. “As a result, consumers’ vacation intentions, which had notably improved in October, have retreated. On the flip side, as consumers continue to hunker down at home, intentions to purchase appliances have risen. Overall, it appears that growth has weakened further in Q4, and consumers do not foresee the economy gaining any significant momentum in early 2021.”