US retail sales data revealed a slower development rate than expected in May, increasing by 0.1% and falling short of economists’ expectations. Argus Research Director of Economic Research and Senior Retail Analyst Chris Graja joins the discussion to shed light on what the report signifies for the consumer.
Graja highlights that the “dominant theme” emerging from the data is the weight of inflation on consumers’ budgets, compelling them to allocate more funds towards essential items while curtailing discretionary spending. He notes that the retail sales report does not see “much of a deviation” from that overall theme.
“Everyone wants to save money,” Graja tells Yahoo financial, pointing out that even individuals earning over $100,000 annually were observed shopping at discount retailers. However, Graja notes that the upcoming Back-to-School shopping season will be “the big test” for consumer spending, saying that “spending on your kids’ education is about the best reason to open your pocketbook.”
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