U.S. consumers aren’t letting price hikes get in the way of spending. But Amazon.com is struggling. That’s because people’s habits are shifting.
rose 1.1% in March from the previous month, compared to economist estimates of 0.7%, while February figures were revised upward, the Commerce Department said on Friday. That’s despite the personal consumption expenditures price index, a reflection of how much goods and services cost, jumping 6.6% over the last 12 months, the biggest gain since 1982.
on Friday saw some $180 billion erased from its market value after a day earlier posting a 7% increase to sales, compared to consistent double-digit growth for years.The problem for Amazon is consumer spending patterns are changing. Travel has returned – the travel price index rose 19% in March compared to last year and is 16% higher than in 2019, according to the U.S. Travel Association.
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