Consumers have hit a wall

Following the warning from ex-Walmart CEO Bill Simon regarding the American consumer nearing a breaking point,’ Target’s CEO, Brian Cornell, has also signalled a cutback in consumer spending, groceries included. This trend aligns with our view, as well as views from JPMorgan and Goldman, that consumers have hit a wall.

In the latest numbers from the New York Federal Reserve, total consumer credit debt exceeded $1.03 trillion

…and Christmas is just around the corner