00:00Danny, we're not even halfway through the yearning season and retailers have yet to report,
00:04but for many of the consumer-facing companies that have announced results,
00:07it's clear that inflation is changing spending patterns. For instance,
00:11PepsiCo blames the surge in gas prices for consumers spending less on snacks at convenience
00:15stores and other places where impulse purchases are made. Just today, Procter & Gamble gave a
00:21cautious outlook and talked about winning the value-seeking consumer. General Mills sees an
00:26active trade-down with consumers buying its food products more on promotion and less at everyday
00:31prices, while grocery chain Albertsons says it's losing many of its price-sensitive shoppers to
00:36Walmart, Amazon, and Aldi. Now, at the same time, people appear largely unwilling to sacrifice their
00:42vacation plans. Timeshare vacation company Travel & Leisure says nothing has changed from the first
00:47quarter in terms of customer bookings, length of stay, and distance traveled. While airlines that
00:52cater to premium customers like Delta and United, they see resilient travel demand and therefore
00:57the ability to maintain current ticket prices. Another persistent trend is high-income consumers
01:03showing few signs of slowing down. They're supported by the still-boy stock market. To that end,
01:08American Express says it's retaining its platinum card holders even after a hike in its annual fee,
01:14and more millennials and Gen Zers continue to sign up. Danny?
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