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Katherine Black of Kearney tells Bloomberg the weak retail sales print is a cumulative effect not a cliff, with lower-income consumers trading down more sharply than before.
So yeah I don't think it's a huge shock. I don't think we're falling off a cliff or anything. But consumers are still trying to try trading down and we do see lower incomes consumers spending less and trading out of some things that are not discretionary.
Katherine Black of Kearney tells Bloomberg that over 90% of consumers in Kearney's survey say they are changing their shopping behavior.
Consumers are still spending but 90 over 90 percent of consumers tell us that they're changing their behavior.
Katherine Black of Kearney tells Bloomberg value retailers are gaining high-income shoppers, with almost 30% of high-income consumers switching stores.
They're seeing more high income consumers trading into their stores and almost 30 percent of high income consumers say they're changing the store that they're shopping at.
Katherine Black of Kearney tells Bloomberg that younger consumers propping up spending via buy-now-pay-later could pull back if defaults rise or credit-reporting rules bite.
If we start to see big risk increases big defaults or big shifts in policy now that buy now pay later is reported on credit reports that could really change shopping for that segment.
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