To get a sense of how strong consumers and the economy really are, UBS invited 16 large US-based companies to its annual Global Consumer and Retail Conference in mid-March. The consensus among the firms is that while consumers are still steady for now, there are also reasons for concern.
Kroger conducted a survey that found about two-thirds of its customers think the US is in a recession, and they're adjusting accordingly — regardless of their income bracket. More affluent shoppers are making fewer stops at other specialty grocery stores, while lower-income customers are ditching name brands for Kroger's cheaper proprietary offerings and are trading down to smaller sizes.
After having more demand than it could handle in 2021, Best Buy said its promotional activity has risen each month since July and is now back to pre-pandemic levels. Those attempts to drum up sales may come at the expense of its profits. And it's not just large companies that are seeing resilient demand. Bark , the firm behind dog product delivery service BarkBox, said its customers are paying up for higher-quality items for their pets. Equally impressive is the tiny company's steadily growing retention rate.
They should stop price gouging.
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