An end-of-summer consumer bum-out

Marketplace All-in-One

Marketplace

News, Business

4.5 • 1.4K Ratings

🗓️ 27 September 2023

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

Earlier this year, people were feeling more upbeat about the economy, with the job market hot and inflation cooling. But consumer confidence fell for the second straight month in September, according to The Conference Board. What’s weighing on consumers’ minds? We also unpack the lawsuit filed against Amazon by the FTC and 17 states, then hear about India’s premium motorcycle business boom.

Transcript

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0:00.0	17 states and the Federal Trade Commission contend that retail giant Amazon does not play
0:07.2	fair.
0:08.2	I'm David Brancaccio in New York, the Federal Trade Commission and 17 states are suing
0:12.3	Amazon, claiming it unfairly uses its reach to bully merchants and manipulate prices,
0:18.0	something the retail giant denies.
0:20.4	This lawsuit is among several against the company this year, and it was expected.
0:24.7	The FDC has been investigating Amazon for years.
0:27.8	On other things, the suit claims Amazon deters sellers on its platform from offering
0:32.2	lower prices elsewhere on the internet, and that Amazon products search results favor
0:37.1	its in-house labels.
0:39.1	Meanwhile, the suit says sellers on Amazon are charged higher fees, forcing them to
0:43.2	raise prices both on Amazon and on other platforms.
0:46.3	This allegedly leads to higher prices overall.
0:49.3	The FDC is seeking a permanent injunction against the online retailer, and if it prevails
0:53.7	in court, it could lead to a breakup of key parts of the company.
0:57.5	Amazon disputed the allegations, and said the lawsuit was misguided, the company says
1:01.8	it's improved the online retail experience.
1:05.0	It also says it faces a lot of competition in the retail industry.
1:08.7	About 80% of products are still bought in physical stores.
1:12.4	I'm Nova Safo, a former marketplace.
1:14.6	If it is the Federal Reserve's intention to wipe the smiles off our faces, the plan
1:19.4	seems to be working.
	...

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