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Author Topic: US Consumer Spending Forecasts Look Grim  (Read 375 times)

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Online mystery-ak

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US Consumer Spending Forecasts Look Grim
« on: August 24, 2023, 01:50:23 pm »

Reuters   
August 23, 2023

Latest results and forecasts from retailers ranging from Macy's to Foot Locker are showing fresh signs of U.S. consumer spending remaining under stress heading into second half of the year.

Middle-income Americans are spending less as many struggle to pay off existing card debts amid a surge in cost of living, raising worries for retail sector investors betting on more business during the back-to-school and holiday seasons.

"It is going to be a challenging back half," said Telsey Advisory Group analyst Cristina Fernandez, adding that consumers are looking for value and spending on buying the things they need.

A bellwether for back-to-school demand, Foot Locker joined rival Dick's Sporting Goods on Wednesday to cut annual profit forecast, sending the shares of sportswear retailers tumbling.

"We did see a softening in trends in July and are adjusting our 2023 outlook to allow us to best compete for price-sensitive consumers," Foot Locker CEO Mary Dillon said.

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Offline Weird Tolkienish Figure

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Re: US Consumer Spending Forecasts Look Grim
« Reply #1 on: August 24, 2023, 01:53:30 pm »
Of course they do. Personally I'm paycheck to paycheck the last few months. Who has money? I don't. A few groceries and you're spending over $150. Add gas to that... and that's not including housing costs etc.
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Offline LMAO

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Re: US Consumer Spending Forecasts Look Grim
« Reply #2 on: August 24, 2023, 02:21:18 pm »
When the cost of living goes up, people spent less on things outside of the necessities

Who knew?
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Online Bigun

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Re: US Consumer Spending Forecasts Look Grim
« Reply #3 on: August 24, 2023, 02:57:10 pm »
When inflation is slowly stealing everything you have ever saved it's really hard to be enthusiastic about anything.
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Offline Wingnut

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Re: US Consumer Spending Forecasts Look Grim
« Reply #4 on: August 24, 2023, 03:02:18 pm »
Quote from: Bigun on August 24, 2023, 02:57:10 pm
When inflation is slowly stealing everything you have ever saved it's really hard to be enthusiastic about anything.

Amen brother.  If this shit keeps up I'll be applying for a job bagging groceries and corralling bascarts from the parking lot at Publix or Winn-Dixie/Aldi
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