Executive Briefing
Consumer behavior is ‘difficult to predict at best right now’
Notes from Target and Walmart earnings. Also: Robot salads, Drizly data, and Instacart’s early vision for AI-native grocery shopping.
By Dan Frommer on Friday, May 19, 2023 at 8:00 am
Hello hello! And welcome to the first edition of this new Executive Briefing format of The New Consumer.
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Consumer behavior is ‘difficult to predict at best right now’
That’s the word from Walmart CFO John David Rainey on yesterday’s earnings call. Earlier this week, similar sentiment from Target, which said sales were still growing in February before dipping into year-over-year declines in April and so far into May.
Consensus from both retail giants: Consumers are still spending on groceries and essentials, but holding off on discretionary purchases in categories like home and hard goods — and for Target, apparel.
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