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Submission: On October 07 via api from US — Scanned from DE
Submission: On October 07 via api from US — Scanned from DE
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Skip to contentSkip to site index Search & Section Navigation Section Navigation SEARCH Business SUBSCRIBE FOR €0.50/WEEKLog in Saturday, October 7, 2023 Today’s Paper THE U.S. ECONOMY TODAY * Jobs Report * Growing Deficit Concerns * Key Inflation Measure Cools * Will Rates Stay High? * Gas Prices Rise Advertisement SKIP ADVERTISEMENT Supported by SKIP ADVERTISEMENT U.S. CONSUMERS ARE SHOWING SIGNS OF STRESS, RETAILERS SAY Consumer spending remains resilient, but retailers’ latest earnings offered a glimpse into worrying shifts in shopping habits. * Share full article * * * 681 * Read in app The strong performance at off-price and discount retailers stands in contrast to those at department store chains and many fashion and footwear retailers.Credit...Amir Hamja/The New York Times By Jordyn Holman Aug. 25, 2023 Consumers power the U.S. economy, and their capacity to spend has repeatedly defied predictions. In early 2020, after a short but severe recession caused by the pandemic, consumers splurged on big-ticket goods, from patio furniture to flat-screen TVs and home gym equipment. Then came what economists called “revenge spending,” with experiences that were off limits during lockdowns, like traveling and going to concerts, taking precedence. Now there are signs that some shoppers are becoming more cautious, as Americans’ savings erode, inflation continues to bite and other factors tighten their wallets — namely, the resumption of student loan payments in October. Financial reports from retailers — including Macy’s, Kohl’s, Foot Locker and Nordstrom — that landed this week suggest a shift is underway, from consumers buying with abandon to spending more on their needs. “Last year it was more psychological,” said Janine Stichter, a retail analyst at the brokerage firm BTIG. “But now that we’ve been dealing with inflation for as long as we have, I just think we’re getting to a point where savings are depleted.” Subscribe to The Times to read as many articles as you like. A correction was made on Aug. 25, 2023 : An earlier version of this article misspelled the surname of a retail analyst at the brokerage firm BTIG. She is Janine Stichter, not Stitcher. -------------------------------------------------------------------------------- When we learn of a mistake, we acknowledge it with a correction. If you spot an error, please let us know at nytnews@nytimes.com.Learn more Jordyn Holman is a business reporter covering retail for The Times. She previously worked at Bloomberg News, where she covered retail and diversity in corporate America. More about Jordyn Holman A version of this article appears in print on Aug. 26, 2023, Section B, Page 3 of the New York edition with the headline: U.S. Consumers’ Tilt Toward Thrift Shows Their Strain, Retailers Say. Order Reprints | Today’s Paper | Subscribe Read 681 Comments * Share full article * * * 681 * Read in app Advertisement SKIP ADVERTISEMENT COMMENTS 681 U.S. Consumers Are Showing Signs of Stress, Retailers SaySkip to Comments The comments section is closed. To submit a letter to the editor for publication, write to letters@nytimes.com. SITE INDEX SITE INFORMATION NAVIGATION * © 2023 The New York Times Company * NYTCo * Contact Us * Accessibility * Work with us * Advertise * T Brand Studio * Your Ad Choices * Privacy Policy * Terms of Service * Terms of Sale * Site Map * Canada * International * Help * Subscriptions Your tracker settings We use cookies and similar methods to recognize visitors and remember their preferences. We also use them to measure ad campaign effectiveness, target ads and analyze site traffic. To learn more about these methods, including how to disable them, view our Cookie Policy. By clicking ‘accept,’ you consent to the processing of your data by us and third parties using the above methods. You can always change your tracker preferences by visiting our Cookie Policy. AcceptReject We've updated our termsWe encourage you to review our updated Terms of Sale, Terms of Service, and Privacy Policy. By continuing, you agree to the updated Terms listed here.Continue