US consumers, strained by years of higher prices and elevated interest rates, are changing their shopping patterns. Americans are buying more at discount chains like Target and Walmart while dialing back spending at Macy’s and Lowe’s.
“Consumers are showing resiliency as they continue to search for value and focus on essentials, while selectively spending on discretionary items,” Joseph Feldman, an analyst at Telsey Advisory Group, said in a recent note to clients.
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