Walmart CEO says consumers may not be as resilient next year – CNBC
2023.12.06 11:29
© Reuters. FILE PHOTO: President and CEO of Walmart Doug McMillon takes part in a strategic and policy CEO discussion with U.S. President Donald Trump in the Eisenhower Execution Office Building in Washington, U.S., April 11, 2017. REUTERS/Joshua Roberts/File Photo
(Reuters) – Walmart (NYSE:) CEO Doug McMillon noted that consumer spending would be tougher to predict next year because of rising credit card balances and dwindling household bank accounts, CNBC reported on Wednesday.
In November, the retail bellwether’s Chief Financial Officer John David Rainey said customers were seeking value to manage within their household budget as they struggle with high interest rates and the start of student loan repayments.
Walmart had also said that U.S. consumers were acting more cautious with spending during the holiday season. But data on Thanksgiving weekend showed that deep discounts on everything from beauty products and toys to electronics lured shoppers to spend bringing a relief to worried retailers.
