Key Takeaways
- John Furner, the CEO of Walmart U.S., said on a panel on Wednesday that American shoppers were “resilient.”
- Furner noted that shoppers were being selective but consistent in their purchases.
- The CEOs of JPMorgan Chase, Wells Fargo, and Citigroup each described the U.S. economy as strong this week.
A chief executive at the world’s largest retailer by revenue says American consumers continue to spend at a healthy rate and remain remarkably “resilient.”
During a panel at CNBC’s “Invest in America” forum on Wednesday, Walmart’s U.S. CEO John Furner said that while customers were shopping thoughtfully and choosing their purchases carefully, their spending habits have remained steady and consistent.
“We see [a] resilient customer that makes really smart choices for what’s right for them and their families at the time they’re shopping,” Furner said on the panel.
Related: You Can Soon Use ChatGPT to Buy Products From the World’s Largest Retailer
With tariff rates ranging from around 10% to as high as 100%, Walmart is using a targeted price increase system in certain categories to help maintain stable prices, he said.
For example, the retailer has kept prices steady on groceries and electronics but raised prices on select items, such as car seats and cookware.
Meanwhile, Walmart has managed to limit its overall U.S. price growth to just 1% year-over-year as of the second quarter of the year, significantly lower than the 6% inflation seen across the broader economy during the same time period, according to AInvest. Furner said that the retailer plans to offer more discounts this fall.
Related: Walmart Wants to Help U.S. Entrepreneurs Get Their Products on Its Shelves. Here’s How to Get Your Stuff in the Door.
“This is a very strong economy we’re operating in,” Furner said on the panel.
Retail sales in the U.S. have recently been on a winning streak, rising for three months in a row over the summer, according to U.S. Census Bureau data. Shoppers especially boosted sales at online stores, clothing retailers, and sporting goods shops during this period.
Wells Fargo CEO Charlie Scharf, Citigroup CEO Jane Fraser, and JPMorgan CEO Jamie Dimon also used the word “resilient” this week while individually reporting earnings that beat Wall Street forecasts.
Related: The CEO of the Biggest Employer in the Country Says AI Will Transform ‘Literally Every Job’ at His Company
“America’s economic engine is indeed still humming,” Fraser told Reuters.
For the three months through September, JPMorgan’s profits reached $14.4 billion, a 12% year-over-year increase.
“The U.S. economy generally remained resilient,” Dimon said in an earnings statement. “There continues to be a heightened degree of uncertainty stemming from complex geopolitical conditions, tariffs and trade uncertainty, elevated asset prices and the risk of sticky inflation.”
Related: Citigroup Is Sticking With a Hybrid Work Schedule. Here’s Why It Gives the Bank a Competitive Advantage, According to Its CEO.
Key Takeaways
- John Furner, the CEO of Walmart U.S., said on a panel on Wednesday that American shoppers were “resilient.”
- Furner noted that shoppers were being selective but consistent in their purchases.
- The CEOs of JPMorgan Chase, Wells Fargo, and Citigroup each described the U.S. economy as strong this week.
A chief executive at the world’s largest retailer by revenue says American consumers continue to spend at a healthy rate and remain remarkably “resilient.”
During a panel at CNBC’s “Invest in America” forum on Wednesday, Walmart’s U.S. CEO John Furner said that while customers were shopping thoughtfully and choosing their purchases carefully, their spending habits have remained steady and consistent.
“We see [a] resilient customer that makes really smart choices for what’s right for them and their families at the time they’re shopping,” Furner said on the panel.
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