Walmart said it noticed shoppers cutting back in October and offered a muted annual sales outlook on Friday with a bevy of discounts and other enticements. But executives are growing concerned with a spending slowdown that could temper sales on the day after Thanksgiving as well as, powered by a solid job market and steady wage growth, had demonstrated a resilience that confounded economists and ran counter to sour sentiments expressed in opinion polls.
Such spending, while cautious, came despite higher prices in the grocery aisle and higher borrowing costs. But consumers are now coming under more pressure from dwindling savings, increased credit card debt and still stubborn inflation. In fact, shoppers cut their buying in October, ending six straight months of gains. Shoppers have gotten some relief from easing inflation, but many goods and services like meat and rent are still far higher than they were just three years ago. The latest quarterly results from a string of retailers from Walmart to Best Buy have reported a weakening consume