Wealthy shoppers are splurging at Macy's. Low-income shoppers are pulling back at Walmart

Wealthy shoppers are splurging at Macy's. Low-income shoppers are pulling back at Walmart

By Nathaniel Meyersohn, CNN BusinessDecades-high inflation is leading to a split in American consumers’ behavior.Affluent shoppers are splurging on new outfits at Macy’s, Nordstrom and other high-end outlets, while lower-income customers are pulling back on discretionary items, leading retailers say.Macy’s said Thursday that comparable sales at stores open for at least one year grew 12.4% during its latest quarter compared with the same stretch …

Wealthy shoppers are splurging at Macy's. Low-income shoppers are pulling back at Walmart

Decades-high inflation is leading to a split in American consumers' behavior.