Housing and Food Now Take Nearly Half of What Americans Spend, the Most in 15 Years

Impact · against what's priced in

The rising cost of housing and food reinforces the trade-down environment that the market has already factored into Walmart and Costco's valuations. While the data confirms the macro headwinds, it does not provide the evidence of durable margin expansion or massive revenue acceleration required to move the prices above current levels.

WMT−0.10

Already priced in

The price assumes

The near-term risk to consumer spending highlighted by the company's own below-consensus Q3 guidance.