(Reuters) – Walmart CEO Doug McMillon noted that consumer spending would be tougher to predict next year because of rising credit card balances and dwindling household bank accounts, CNBC reported on Wednesday.
In November, the retail bellwether’s Chief Financial Officer John David Rainey said customers were seeking value to manage within their household budget as they struggle with high interest rates and the start of student loan repayments.
Walmart had also said that U.S. consumers were acting more cautious with spending during the holiday season. But data on Thanksgiving weekend showed that deep discounts on everything from beauty products and toys to electronics lured shoppers to spend bringing a relief to worried retailers.
(Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Shailesh Kuber)
