‘Stubborn’ Food Inflation Leaves US Shoppers With Slim Appetite for Other Goods
As American shoppers stomach soaring food prices, they are cutting back on purchases of other goods, such as toys, clothing, and housewares, in a challenging trend for retailers.
Commentary this week from executives at Walmart and other retailers shows how Americans are shifting their shopping habits and hunting for bargains in the face of the highest inflation in a generation.
At Walmart, the world’s biggest retailer by revenue, Americans are still spending but are more “choiceful, discerning, thoughtful” about what they buy, its global Chief Executive Officer Doug McMillon told analysts.
Higher prices on food led to soft sales of electronics, toys, home, and apparel in the most recent quarter at Walmart. McMillon said he believed inflation on dry groceries and items made for immediate consumption would remain high “for a while.”…