The economic outlook is growing increasingly uncertain, prompting US shoppers to cut their spending. This trend is likely to have a ripple effect on various industries and sectors. Consumers are becoming more cautious due to mounting concerns over recession and economic instability. As a result, they are reducing their discretionary spending, including non-essential purchases.
Source: https://www.ft.com/content/44fd22a0-bb30-4f2e-854a-0223d507a6e2