Executives of some of America’s best-known companies are warning that consumers are feeling the pinch of inflation, CNBC reports.
Stubborn inflation rates have cast a dark cloud over Americans’ perception of the economy, impacting how much money consumers spend and on what products and services.
Following the release of first quarter earnings, McDonald’s executives said the company must be “laser-focused” on affordability to bring in diners as prices push away low-income consumers. The fast-food chain’s same-store sales growth was reported lower than expected.
Executives at 3M, the maker of Scotch tape and Post-it Notes, told analysts the company is seeing “continued softness in consumer discretionary spend.” Although 3M earnings and revenue topped expectations in the first quarter, management says it anticipates consumer spending this year to be “muted.”
