A consumer pulse check

Marketplace All-in-One

Marketplace

News, Business

4.5 • 1.4K Ratings

🗓️ 22 May 2024

⏱️ 1 minutes

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Summary

Target says first quarter comparable sales fell 3.7%; Lowe’s fell about 4%; TJX reports same-store sales today that are up, but below expectations; the average vehicle on the road is now more than 12 years old.

Transcript

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0:00.0	How you do in consumer? I'm Nancy Marshall Genser with the Marketplace Minute.
0:06.0	Not so well if you look at recent earnings reports. Target said this morning that
0:10.7	first quarter sales at stores open for two fiscal years fell 3.7%.
0:17.0	Target CEO says inflation is putting a strain on consumers' wallets.
0:21.4	They're splurging less and sticking to stuff they need.
0:25.0	Same story at lows.
0:26.6	It said yesterday that same store sales for its latest quarter fell about 4%.
0:31.7	Homeowners are delaying pricey projects like kitchen remodels.
0:35.3	The consumer slump hits lows harder than Home Depot, which gets more business from professional
0:40.1	contractors.
0:41.1	TJX, which includes TJ Max, Marshals, and contractors. And the average vehicle on the road is now more than 12 years old, according to S&P global mobility.
0:57.0	People are hanging on to their old cars because new ones are expensive.
1:01.0	I'm Nancy Marshall Genser with the Marketplace Minute.

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