Walmart’s disappointing sales and Home Depot’s strength among budget-conscious do-it-yourselfers indicate middle-class American consumers are growing more tight-fisted, even as wealthier shoppers have kept supporting luxury brands like Ralph Lauren.
Earnings reports over the past month from a slate of U.S. supermarkets, home improvement stores, restaurants and luxury brands have shown consumers directing most of their spending toward essentials and putting off big projects, while still making room for affordable treats and occasional splurges.