McDonald's, 3M Executives Sound the Alarm: Consumers Feel the Pinch of Higher Prices
By : Benzinga
Published On: 2024-05-01
7.2K Views
00:37
Executives from McDonald's, 3M, and other large companies warned that consumers feel the pinch of higher prices. McDonald's CEO said consumers are more discriminating with spending due to elevated day-to-day costs. 3M saw "continued softness" in discretionary consumer spending. Pay is up, but high prices are biting into extra income, and low-income consumers feel the most impact. Persistent inflation has negatively impacted American consumer confidence, which reached its lowest point since mid-2022 in April due to ongoing concerns about high prices.
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