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Consumers taking on more debt is a ‘very real’ concern: Retail expert
Consumers spending less on discretionary items, more on basics amid high inflation: Retail expert
Founder of SW Retail Advisors and co-founder of DealmakeHers, Stacey Widlitz, weighs in on new retail data, which showed Americans pulled back on spending at stores in July, a sign that high inflation is starting to impact U.S. households.
Founder of SW Retail Advisors and co-founder of DealmakeHers, Stacey Widlitz, warned on Wednesday that the fact that consumers have been taking on more debt is a "very real" concern.
Widlitz pointed to a "slew of retailers," who reported second quarter earnings this week and noted that inflation is "hurting the consumer" as it sits near 40-year highs.
The retail expert provided the insight on "Mornings with Maria," Wednesday, as data from the Federal Reserve Bank of New York released earlier this month revealed the amount of credit card debt people have increased 13% in the second quarter compared to the same time last year, representing the largest increase in more than 20 years.
Shortly before Widlitz appeared on the program, it was revealed that spending at retail stores stalled out in July and, instead, consumers turned to online shopping.