Former CEO of Walmart U.S. Bill Simon warns that consumers are beginning to fall for the first time in ten years as 3 of the country’s largest retailers begin a crucial sales week.
Inflation, a rise in interest rates, political blockage over the federal budget, student loan repayments, and more recent global tensions related to events in Israel are among the factors he cites as burdens on consumers.
The former CEO of Walmart United States said on CNBC’s “Fast Money” on Monday that this kind of pileup pulls on customers and leaves them apprehensive. “For the very first time in a while, there’s an excuse for the customer to pause.”
The time matches with Tuesday’s start of Amazon’s two-day Prime Big Deal Days deal. To get a head start on the season for shopping, Walmart and Target are competing with their own sales promotions.