Are consumers pulling back on spending? It depends on which CEO you ask
Publishing timestamp: 2024-05-20 13:30:25
Summary
Consumers are becoming more selective with their spending as prices and interest rates remain high. Companies like Delta Air Lines and Chipotle Mexican Grill are benefiting from high-income customers, while others like McDonald's and Starbucks are seeing weaker results. Low-income consumers are struggling more, with companies like PepsiCo trying to attract them with promotions. Airlines like Delta and United are seeing strong spending from travelers, while companies like Peloton are facing disappointing results. High-income consumers are not as affected by inflation, leading to more spending on experiences rather than goods. Target is attracting more affluent customers, while companies like Lululemon and Starbucks are facing challenges.
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Keywords: business news, united states, mcdonald's corp, inflation, chipotle mexican grill inc, retail industry, breaking news: markets, breaking news: business, sweetgreen inc, jerome powell, brian niccol, target corp, walmart inc, markets, apple inc, economy, restaurants, breaking news: economy, united airlines holdings inc, home depot inc, earnings, airlines, starbucks corp, lululemon athletica inc, pepsico inc., ramon laguarta, travel, delta air lines inc, apparel retail, transportation, business,
Source: https://www.cnbc.com/2024/05/20/consumer-pullback-ceos.html