NEW YORK (AP) — U.S. consumers haven't stopped spending money since the Iran war drove up fuel prices, but many shoppers are reassessing what they buy and where, according to company executives and retail analysts.
The behavior changes observed so far are subtle, such as altered routines for buying gasoline and fewer visits to clothing and furniture stores. They also are uneven across the population. During recent earnings calls with analysts, executives from American mainstays like Walmart, McDonald's and Dollar General cited overall shopper resilience as well as noticeable cutbacks by lower-income customers.
But the new signs of strain cited by major retailers as generous income tax refunds helped shore up their sales make some economists and analysts think they will see a wider retrenchment when the refunds are gone and consumers face the cumulative impact of more expensive gas and higher prices for food, clothing, insurance and other goods and services.
