Macy’s, Target and Costco recently released their quarterly outlooks. The report indicates a change in Americans' spending habits.
Recent reports from Macy’s, Target and Costco have indicated that Americans are starting to change their spending habits.
Macy’s said on Thursday it’s “taking a cautious approach to the remainder of the year and is reducing its annual 2023 sales and earnings guidance.”Costco CFO Richard Galanti noted that consumers tend to shift their meat-buying habits in times of recession. Galanti noted that one caveat is buying habits changed during the pandemic, so it’s been more difficult to compare year-over-year sales since 2020.
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