U.S. consumer confidence fell to a three-month low in February as big retailers Target (TGT), Walmart (WMT), Best Buy (BBY), Lowe’s (LOW), and Home Depot (HD) flash warning signs for 2023. Many executives and analysts point to a more cautious consumer, meaning those who are feeling the pinch of inflated prices are cutting back on spending across many sectors of the American economy.
Target CFO Michael Fiddelke telling Yahoo Finance, “[in the first quarter] we saw a consumer that was feeling the impacts of inflation. Our strongest categories were categories like food and beverage, essentials, and beauty. And we saw slower trends in the categories like apparel and home.”
For our Theme of the Week, Yahoo Finance’s Seana Smith, Julie Hyman, and Brian Sozzi take us through the challenges facing today’s consumer.