Walmart, Goldman Sachs, JD Power warn of growing financial stress among U.S. consumers
Three major companies—Walmart, Goldman Sachs, and JD Power—are signaling increasing financial strain on American households amid rising costs for essentials like fuel, groceries, and housing. Walmart executives highlighted that lower-income customers are particularly affected by high gas prices, with average tank fills dropping below 10 gallons. Goldman Sachs forecasts a slowdown in consumer spending growth to between 1% and 1.5%, the weakest since early 2021, citing fading tax refunds and elevated energy costs from ongoing geopolitical tensions. JD Power’s Financial Health Report reveals that two-thirds of U.S. consumers are financially unhealthy, with nearly three-quarters altering their daily spending due to rising expenses. Serious actions include cutting groceries or skipping meals (27%), borrowing money (18%), selling personal items (14%), and missing rent/mortgage payments (9%).
Topics: consumer_spending economic_pressure fuel_prices retail