The Markets Consumer Concerns and Equity Opportunities
31 snips
Nov 21, 2025 
Scott Feiler, a consumer sector specialist at Goldman Sachs, joins to analyze the current state of US consumer spending. He shares insights on deteriorating consumer sentiment and mixed earnings reports impacting various demographics. Scott predicts strong turnout for Black Friday despite inflation concerns, as consumers prioritize events over traditional goods. He discusses the convergence of goods and experiences, highlighting softening trends in travel and dining. Finally, he advises focusing on defensive discretionary stocks like off-price and auto retail for year-end resilience.
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Broad-Based Consumer Slowdown
- The U.S. consumer is challenged but not collapsed, with sentiment near historic lows.
- Weakness has spread beyond low-income households into the middle-income consumer.
Earnings Reveal Wider Weakness
- Earnings season is revealing that weakness now affects more than just low-income exposed firms.
- Several large consumer corporates reported slowing into October, signaling broader pressure.
Position For Event-Driven Demand
- Expect Black Friday and holiday events to attract consumer spend despite recent softness.
- Favor event-driven periods rather than expecting steady spending in the in-between months.