Consumers began to pull back in late October, even in food and other staples, making us more cautious on the consumer as we look into the fourth quarter.
They're leaning heavily into these promotional periods to buy these discretionary items that maybe they have held off purchasing this year...but less promising are the shoulder periods before and after those events where we're just seeing the consumer not as strong.
Overall, consumers are still spending, but pressures like higher interest rates, the resumption of student loan repayments, increased credit card debt, and reduced savings rates have left them with less discretionary income, forcing them to make trade-offs.
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