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HomeBusinessWalmart CEO Doug McMillon says tough to predict consumer spending next year,...

Walmart CEO Doug McMillon says tough to predict consumer spending next year, mentions deflation

 

Walmart Doug McMillon

Walmart CEO Doug McMillon said that consumers continue to shop at Walmart during the holiday season but also said that it was difficult to predict how sales would be after the holiday season. Peak shopping happens in the U.S. during the holiday season and all retail stores see a boost in their bottom line. Walmart CEO McMillon also outlined some of the factors that could affect sales next year, in an interview with a popular outlet.

Walmart CEO Doug McMillon was interviewed by Sara Eisen of CNBC. He said in an interview, aired on Squawk on the Street on Wednesday that higher credit card balances as well as lesser amounts of money in bank balances of consumers were factors that could affect spending next year. He also said consumers had been more resilient than expected this year.

The CEO of the nation’s largest retailer also said that he had “expected more softness by this time of the year” than that the giant retailer had experienced. He also mentioned that back-to-school was one of the factors that helped its non-food sales volumes to begin “to come back.”

 McMillon also mentioned changing dynamics at Walmart as some items saw deflation. Prices at Walmart in specific categories such as electronics and toys, as well as other non food items saw a drop in price of about five percent when compared with 2022.

He said that food prices were similar to those that were prevalent last year though the prices of fresh foods “tend to fluctuate.”

Doug McMillon also said that although deflation would mean that Walmart has to sell more items as prices fall, “we’d rather have lower prices than higher prices.”

Walmart generally benefits when compared with other retailers as both its revenue as well as its stock price benefit from its huge grocery business as well as its low prices. Walmart’s stock hit an all-time high this November and has seen a rise of almost 10 percent till Tuesday.

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