The high confidence rate, which is just one point less than 2018's historic high of 123 points, is likely the result of the county's historically low unemployment rate at 3.5 and better spending intentions.
"A strong labor market with low unemployment and rising wages have kept Americans spending throughout 2019," according to the report done in collaboration with Nielsen.
Bloomberg similarly reported that U.S. consumer confidence reached a 19-year high last week, according to its own data.
The Conference Board noted, however, that U.S. consumer spending is expected to slow to 2.7 percent in 2020 as a result of three factors suggesting a lack of momentum: slowing employment growth, slowing wage gains and possible manufacturing job layoffs.
"A potential waning of [U.S.] consumer spending bears watching in the near term," the report reads.
Globally, consumer confidence remained unchanged in the fourth quarter at 107 points, but The Conference Board expects global economic growth to improve about 0.2 percent in 2020.
"The continued lack of momentum in global consumer confidence raises concerns about the durability of consumer spending as a major source of growth in 2020," Conference Board Chief Economist Bart van Ark said in a statement.
"While The Conference Board projects global economic growth to improve slightly ... we should not take it for granted that consumer spending will continue to prop up the economy," he added. "Increased investment, an improvement in manufacturing production and trade, and more productivity growth are critical elements of a growth recovery."
The agreement between China and the U.S. includes an increase in Chinese purchases of U.S. products and a decrease in U.S. tariffs on Chinese goods. National Economic Council Director Larry Kudlow told FOX News' "America's Newsroom" on Wednesday that the agreement will help the U.S. economy grow by "at least a half a point of additional GDP" in 2020 and 2021 and "probably translate into another million jobs on top of what we’ve already done."