[InefficientRed]

> This isn't true, major retailers have been reporting falling demand.

As OP said,

>> and services.

> Wal-Mart

WalMart's issue is that they have a massive inventory/demand mismatch. They already have the headwind of a shift from goods to services, and then on top of that they also massively mismanaged a shift in consumer preference within goods. I have a feeling that they are also feeling the squeeze from Amazon. Many households treat Prime as a fixed cost but the 20 minute drive out to Walmart is a real expense that can be substituted with Amazon purchases. Tonight's earnings will be interesting.

Compare to eg Visa [1].

I expect that the "last hoorah" spending of this summer will grind to a halt in the winter and by Q2 2023 we'll be able to see a massive decline in consumer spending during Q4 in particular.

But we aren't there yet, at least in aggregate, because consumers are spending like mad on services.

[1] https://www.reuters.com/business/finance/visa-quarterly-prof...