Target, Macy's and Best Buy see consumers cut back, search for discounts | CNN Business

  • 📰 CNN
  • ⏱ Reading Time:
  • 22 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 95%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

Big retailers say customers are making changes in how they shop as consumer demand starts to buckle from the strain of inflation

Target\n \n , Best Buy\n \n , Macy’s\n \n and other chains say shoppers have pulled back on discretionary goods like clothing, electronics and home improvement. They have shifted their spending to paying for groceries and household basics. “Spiraling inflation forced families to put discretionary purchases on hold and focus most of their spending on necessities,” Target CEO Brian Cornell said this week.

“The consumer electronics industry continues to feel the effects of the broader macro environment and its impact on consumers,” Best Buy finance chief Matt Bilunas said. Best Buy predicts its comparable sales will decline 3% to 6% this year. Some discount chains may benefit from consumers seeking out bargains. TJX, the parent of TJ Maxx and Marshalls, said it expects comparable sales to grow by up to 3% this year.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

irelands top consumer expert .. when you are f=====g broke ; you tend to buy less ; take cheaper or no vacations

JoeBiden and PressSec lie and say everything is fine

Wasn’t this EXACTLY what the government said they wanted when raising the interest rates?

How about not ripping people off

Ohhhhh instead of the usual “Stubbornness of inflation” cnn is now using “Strain of Inflation” as its go to catchphrase…

This is how inflation drops, discretionary spending falls off a cliff. When demand exceeds supply, prices go up, when supply exceeds demand, prices go down. Side note, when supply exceeds demand, people start losing their jobs.

Boo Hoo

I’m not paying 3 bucks for a 2 liter or 5 bucks for a bag of chips better for me anyway

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 4. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stocks making the biggest moves before the bell: Salesforce, Best Buy, Macy's and moreSalesforce rallied on strong earnings, while Best Buy fell after posting its latest quarterly results.
Source: CNBC - 🏆 12. / 72 Read more »

Macy’s earnings will reflect inflation’s impact on consumer spending, analystMacy’s is not predicted to beat Wall Street analysts’ predictions for sales and revenue over the fourth quarter and full year 2022.
Source: FoxBusiness - 🏆 458. / 53 Read more »