Walmart, Target, Home Depot and Best Buy called out cautious consumer-spending shifts during the first quarter.
Shoppers continue to report inflation squeezing their finances, with concerns particularly heightened among middle-income Americans. Of the survey respondents, 92% of middle-income Americans — or those who make between $50,000 and $100,000 a year — reported being "somewhat" or "very" worried about higher prices.
Further, two-thirds of respondents reported spending less on essential items, like groceries, utilities and gas. In the grocery category, more than half of consumers said they're buying cheaper alternatives, like private label brands, or just generally buying less. "We think this reflects trade down from higher incomes, in line with commentary from Grocery Outlet and Walmart," Bank of America Securities analyst Robert Ohmes said.Two-thirds of respondents to the CNBC and Morning Consult survey said they still plan on cutting spending on essential items over the next six months, and 77% plan to slash spending on non-discretionary goods, a percentage only slightly below those who said they have already cut back in that area.
A woman looks for products in a department store on January 26, 2023 in New York City. US gross domestic product increased at an annual rate of 2.9% in the fourth quarter of 2022.While experience-based spending — particularly travel — has held up better than goods purchasing this year, the survey found spending at bars and restaurants was the second most likely nonessential category to see cuts, with 62% reporting spending less.
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