Walmart and Home Depot fire off warnings about the American consumer
The days of the free-spending US consumer may be in the rearview, but it's still not yet clear what lies ahead, executives from Walmart and Home Depot told investors during their respective earnings calls Tuesday., rising interest rates, layoffs, and other uncertainties, the stresses on household bank accounts are mounting, which could spell trouble as consumer spending represents roughly 70% of the US economy.
Both retailers serve a huge swath of people in the US and beyond: Walmart serves approximately 240 million customers at its 10,500 stores around the world, while Home Depot reported more than 1.6 billion transactions in 2022. Those trade-offs were evident in Home Depot's earnings as well, as customers delayed purchases of big-ticket items, like appliances, but still spent money on supplies for home maintenance and renovation projects.
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