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BBCNEWS World Business Report June 4, 2024 10:43:00

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I Department , Chris Whitty , Chief Scientific Adviser , Hit Concerns , 27th Of March 2019 , Infectious Disease , Work Due , Re Prioritisation , Deal Re Prioritisation ,

CNN CNN Newsroom With Fredricka Whitfield June 4, 2024 15:50:00

Pulling back on their discretionary spending and changing what they buy. cnn business consumer reporter nathaniel myerson joins me with details. macy s reported weak earnings and slashed its forecast for the year. what does that tell you? consumers are pulling back right now and they re being much more careful about how they re shopping and what they re spending on. you look at macy s. sales last quarter dropped 8.7% from a year ago. that s a big drop. the company said people were buying less clothing and spending more on essentials and food and also spending more on travel. we have most of the wardrobes we need, but we re still taking trips and doing some of the things we weren t able to do early in the pandemic. the ceo called it a reallocation of consumer spending. ....

Nathaniel Myerson , Cnn Business Consumer , Macy S , 8 7 , Consumer Spending ,