High prices impact earnings for Walmart, Target — PYMNTS.com

High inflation and increased prices has made consumers cautious, something that might significantly impact the earnings of Walmart and other retailers:

“In recent months, consumers have been prioritizing essential purchases over discretionary items, a trend exacerbated by high inflation. Walmart CEO Doug McMillon noted this shift during a March 10 speech at the Economic Club of Chicago, stating, ‘There are lots of income levels in this country — if you’re at the lower end of that scale, you are feeling more frustration and pain because of higher food prices. They’ve persisted for years now, and you’re just tired of it.‘”

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