Latest / Omni Talk Retail / Consumer Spending Reality Check & Why Trade-Down Behavior Is Here to Stay with A&M's Chad Lusk | 5IM

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Consumer Spending Reality Check & Why Trade-Down Behavior Is Here to Stay with A&M's Chad Lusk | 5IM · Omni Talk Retail

• 0:00
  Foreign.
• 0:09
  Minutes
• 0:09
  is
• 0:10
  longtime
• 0:10
  friend
• 0:10
  of
• 0:10
  the
• 0:10
  show
• 0:11
  and
• 0:11
  a
• 0:11
  frequent
• 0:11
  recurring
• 0:12
  guest
• 0:12
  and
• 0:12
  partner
• 0:13
  and
• 0:14
  managing
• 0:14
  director
• 0:14
  at
• 0:14
  the
• 0:14
  A
• 0:15
  and
• 0:15
  M
• 0:15
  Consumer
• 0:15
  and
• 0:15
  Retail
• 0:16
  Group,
• 0:16
  Chad
• 0:16
  Lusk.
• 0:17
  Chad
• 0:17
  will
• 0:17
  be
• 0:17
  discussing
• 0:17
  with
• 0:18
  us
• 0:18
  the
• 0:18
  results
• 0:18
  of
• 0:18
  A&M
• 0:19
  CRG's
• 0:20
  most
• 0:20
  recent
• 0:20
  biannual
• 0:21
  consumer
• 0:22
  sentiment
• 0:22
  survey
• 0:23
  report.
• 0:23
  The
• 0:23
  report
• 0:23
  draws
• 0:24
  from
• 0:24
  a
• 0:24
  survey
• 0:24
  of
• 0:24
  over
• 0:25
  2,100
• 0:27
  demographically
• 0:27
  representative
• 0:28
  U.S.
• 0:28
  adults
• 0:29
  and
• 0:29
  analyzes
• 0:30
  how
• 0:30
  shifting
• 0:30
  economic
• 0:30
  conditions,
• 0:31
  among
• 0:31
  other
• 0:31
  purchase
• 0:32
  trends,
• 0:33
  are
• 0:33
  shaping
• 0:33
  consumer
• 0:34
  behaviors.
• 0:34
  Chad,
• 0:35
  let's
• 0:36
  start
• 0:36
  with
• 0:36
  this.
• 0:36
  In
• 0:37
  the
• 0:37
  latest
• 0:37
  report.
• 0:37
  I
• 0:38
  was,
• 0:38
  I
• 0:38
  was
• 0:38
  quite
• 0:39
  frankly
• 0:39
  shocked.
• 0:41
  Your
• 0:41
  report
• 0:41
  says
• 0:42
  that
• 0:42
  consumers
• 0:42
  are
• 0:43
  indicating
• 0:43
  an
• 0:43
  intent
• 0:44
  to
• 0:44
  spend
• 0:45
  more
• 0:45
  money
• 0:45
  in
• 0:46
  the
• 0:46
  upcoming
• 0:46
  six
• 0:47
  month
• 0:47
  period.
• 0:47
  How
• 0:48
  should
• 0:48
  we
• 0:48
  look
• 0:48
  at
• 0:49
  this
• 0:49
  apparent
• 0:49
  increase
• 0:50
  in
• 0:50
  optimism?
• 0:51
  Yeah,
• 0:51
  let's
• 0:52
  be
• 0:52
  careful
• 0:52
  about
• 0:52
  using
• 0:53
  that
• 0:53
  word
• 0:53
  optimism,
• 0:54
  okay?
• 0:55
  It's
• 0:55
  cautious
• 0:56
  at
• 0:56
  best.
• 0:57
  As
• 0:57
  you
• 0:57
  said
• 0:57
  Chris,
• 0:57
  we
• 0:58
  did
• 0:58
  see
• 0:58
  a
• 0:58
  bump
• 0:59
  in
• 0:59
  consumers
• 1:00
  intend
• 1:00
  to
• 1:00
  spend
• 1:00
  more
• 1:01
  this
• 1:01
  fall
• 1:01
  to
• 1:02
  the
• 1:02
  tune
• 1:02
  of
• 1:02
  800bps.
• 1:03
  Actually
• 1:03
  that's
• 1:03
  the
• 1:04
  single
• 1:05
  largest
• 1:06
  cycle
• 1:06
  to
• 1:06
  cycle
• 1:07
  jump
• 1:07
  we've
• 1:07
  had
• 1:07
  since
• 1:08
  spring
• 1:08
  of
• 1:08
  23.
• 1:09
  However,
• 1:10
  however,
• 1:11
  a
• 1:11
  few
• 1:11
  things
• 1:12
  to
• 1:12
  note
• 1:12
  about
• 1:12
  that.
• 1:13
  It's
• 1:14
  heavily,
• 1:14
  heavily
• 1:15
  driven
• 1:15
  by
• 1:16
  higher
• 1:16
  household
• 1:16
  income
• 1:17
  earners.
• 1:17
  As
• 1:18
  under
• 1:18
  $100,000
• 1:20
  income
• 1:20
  households
• 1:21
  still
• 1:21
  have
• 1:21
  a
• 1:21
  -9
• 1:23
  net
• 1:23
  intent
• 1:23
  to
• 1:24
  spend
• 1:24
  more
• 1:24
  this
• 1:24
  period.
• 1:25
  In
• 1:26
  spring
• 1:26
  of
• 1:26
  23
• 1:26
  it
• 1:27
  was
• 1:27
  similar,
• 1:27
  but
• 1:28
  those
• 1:28
  higher
• 1:29
  earners
• 1:29
  had
• 1:29
  what
• 1:30
  I'd
• 1:30
  call
• 1:30
  recession
• 1:31
  fatigue.
• 1:32
  Right.
• 1:32
  A
• 1:32
  bit
• 1:32
  of
• 1:33
  enough
• 1:33
  is
• 1:34
  enough
• 1:34
  and
• 1:34
  a
• 1:35
  need
• 1:35
  to
• 1:35
  get
• 1:35
  back
• 1:35
  to
• 1:36
  a
• 1:37
  custom
• 1:37
  lifestyles
• 1:38
  despite
• 1:38
  economic
• 1:39
  concerns.
• 1:40
  Then
• 1:40
  it
• 1:40
  snapped
• 1:41
  right
• 1:41
  back,
• 1:41
  actually
• 1:42
  lower.
• 1:43
  So
• 1:43
  it's
• 1:43
  a
• 1:43
  different
• 1:44
  flavor
• 1:44
  this
• 1:44
  time.
• 1:45
  Right.
• 1:45
  So
• 1:45
  first
• 1:45
  of
• 1:46
  all,
• 1:46
  across
• 1:46
  all
• 1:46
  consumers,
• 1:47
  food
• 1:47
  and
• 1:47
  beverage
• 1:48
  is
• 1:48
  actually
• 1:48
  the
• 1:49
  only
• 1:49
  positive
• 1:50
  category
• 1:51
  on
• 1:51
  a
• 1:51
  net
• 1:52
  intend
• 1:52
  to
• 1:52
  spend
• 1:52
  more
• 1:53
  where
• 1:53
  consumers
• 1:54
  plan
• 1:54
  to
• 1:54
  spend
• 1:54
  less
• 1:55
  in
• 1:55
  every
• 1:55
  other
• 1:56
  category
• 1:57
  with
• 1:57
  our
• 1:57
  higher
• 1:58
  earners
• 1:58
  there's
• 1:59
  a
• 1:59
  few
• 1:59
  more
• 2:00
  positive
• 2:00
  categories,
• 2:01
  but
• 2:01
  still
• 2:01
  a
• 2:01
  very
• 2:02
  strong
• 2:02
  bias
• 2:03
  to
• 2:03
  prioritize
• 2:04
  basic
• 2:05
  needs.
• 2:05
  Back
• 2:06
  in
• 2:06
  23
• 2:07
  we
• 2:07
  saw
• 2:07
  some
• 2:07
  discretionary
• 2:08
  areas
• 2:09
  pop
• 2:09
  experiences
• 2:10
  indulgences
• 2:12
  this
• 2:12
  cycle
• 2:12
  the
• 2:12
  message
• 2:13
  is
• 2:13
  clear.
• 2:13
  Keep
• 2:14
  discretionary
• 2:15
  spending
• 2:15
  down.
• 2:16
  And
• 2:16
  further
• 2:17
  to
• 2:17
  that,
• 2:18
  just
• 2:18
  because
• 2:18
  consumers
• 2:19
  expect
• 2:19
  to
• 2:19
  spend
• 2:20
  more
• 2:20
  doesn't
• 2:20
  mean
• 2:20
  they're
• 2:21
  gonna
• 2:21
  buy
• 2:21
  more.
• 2:21
  Right?
• 2:22
  So
• 2:22
  even
• 2:22
  in
• 2:23
  food
• 2:23
  and
• 2:23
  grocery.
• 2:24
  Right.
• 2:24
  Nearly
• 2:25
  60%
• 2:25
  of
• 2:26
  consumers
• 2:26
  believe
• 2:27
  tariffs
• 2:27
  have
• 2:27
  contributed
• 2:28
  double
• 2:28
  digit
• 2:29
  price
• 2:29
  increases
• 2:30
  on
• 2:30
  food.
• 2:31
  Actually
• 2:31
  over
• 2:31
  20%
• 2:32
  say
• 2:32
  30
• 2:32
  plus
• 2:33
  percent
• 2:33
  price
• 2:33
  increases
• 2:34
  and
• 2:35
  over
• 2:35
  40%
• 2:36
  of
• 2:36
  respondents
• 2:36
  say
• 2:37
  that
• 2:37
  they've
• 2:37
  decreased
• 2:38
  grocery
• 2:38
  purchases
• 2:39
  because
• 2:39
  of
• 2:39
  them.
• 2:40
  Right.
• 2:40
  So
• 2:40
  our
• 2:41
  spend
• 2:41
  expectations
• 2:42
  only
• 2:42
  up
• 2:43
  because
• 2:43
  price
• 2:43
  expectations
• 2:44
  are
• 2:44
  up
• 2:45
  likely
• 2:46
  as
• 2:46
  consumers
• 2:46
  are
• 2:47
  changing
• 2:48
  a
• 2:48
  lot
• 2:48
  of
• 2:48
  behaviors
• 2:49
  and
• 2:49
  finding
• 2:49
  ways
• 2:50
  to
• 2:50
  counteract
• 2:50
  inflation
• 2:51
  to
• 2:51
  spend
• 2:51
  less.
• 2:52
  So
• 2:52
  then
• 2:52
  Chad,
• 2:53
  if
• 2:53
  consumers
• 2:53
  are
• 2:54
  still
• 2:54
  trying
• 2:55
  to
• 2:55
  stretch
• 2:55
  their
• 2:56
  wallets
• 2:56
  as
• 2:56
  you're
• 2:56
  suggesting,
• 2:57
  how
• 2:58
  are
• 2:58
  we
• 2:58
  expecting
• 2:59
  that
• 2:59
  they'll
• 2:59
  Plan
• 3:00
  to
• 3:00
  do
• 3:00
  that.
• 3:00
  Cheaper
• 3:01
  brands,
• 3:01
  cheaper
• 3:02
  stores
• 3:02
  and
• 3:02
  buying
• 3:03
  less.
• 3:03
  Right.
• 3:05
  So
• 3:05
  across
• 3:05
  beauty
• 3:06
  and
• 3:06
  personal
• 3:06
  care,
• 3:07
  about
• 3:07
  40%
• 3:08
  of
• 3:08
  those
• 3:08
  who
• 3:08
  plan
• 3:08
  to
• 3:09
  spend
• 3:09
  less
• 3:09
  on
• 3:09
  the
• 3:10
  category
• 3:11
  say
• 3:11
  they're
• 3:11
  planning
• 3:11
  to
• 3:12
  switch
• 3:12
  to
• 3:12
  cheaper
• 3:13
  brands.
• 3:13
  That
• 3:14
  gets
• 3:14
  over
• 3:14
  50%
• 3:15
  for
• 3:15
  grocery
• 3:17
  skews
• 3:17
  higher
• 3:18
  income.
• 3:19
  Over
• 3:19
  80%
• 3:20
  of
• 3:20
  higher
• 3:20
  income
• 3:21
  earners
• 3:21
  told
• 3:21
  us
• 3:22
  that
• 3:22
  they
• 3:23
  buy
• 3:23
  private
• 3:24
  label
• 3:25
  somewhat
• 3:25
  or
• 3:25
  very
• 3:26
  often.
• 3:27
  Then
• 3:27
  the
• 3:27
  other
• 3:27
  big
• 3:27
  factor
• 3:28
  is
• 3:28
  about
• 3:28
  30%
• 3:29
  of
• 3:29
  those
• 3:30
  planning
• 3:30
  to
• 3:30
  spend
• 3:30
  less
• 3:31
  on
• 3:31
  a
• 3:31
  category
• 3:32
  are
• 3:32
  doing
• 3:32
  it
• 3:32
  by
• 3:33
  switching
• 3:33
  to
• 3:33
  lower
• 3:33
  priced
• 3:34
  stores
• 3:34
  across
• 3:35
  beauty,
• 3:36
  personal
• 3:36
  care,
• 3:37
  grocery,
• 3:37
  perhaps
• 3:38
  disrupting
• 3:39
  their
• 3:39
  entire
• 3:40
  ingrained
• 3:41
  routines
• 3:41
  at
• 3:41
  this
• 3:42
  point.
• 3:42
  Yet
• 3:42
  still
• 3:43
  get
• 3:43
  this,
• 3:44
  58%
• 3:45
  of
• 3:45
  our
• 3:45
  respondents
• 3:46
  reported
• 3:46
  that
• 3:46
  they've
• 3:47
  increased
• 3:47
  trips
• 3:48
  to
• 3:48
  lower
• 3:49
  priced
• 3:49
  stores
• 3:50
  somewhat
• 3:50
  or
• 3:50
  more
• 3:50
  often
• 3:51
  this
• 3:51
  past
• 3:51
  cycle
• 3:52
  alone.
• 3:52
  Again
• 3:53
  that
• 3:53
  also
• 3:53
  over
• 3:54
  indexes
• 3:54
  in
• 3:54
  higher
• 3:55
  income
• 3:55
  earners.
• 3:56
  So
• 3:56
  maybe
• 3:56
  it
• 3:56
  was
• 3:56
  initially
• 3:57
  reluctant,
• 3:58
  you
• 3:58
  know,
• 3:58
  maybe
• 3:58
  they
• 3:59
  were
• 3:59
  uncomfortable
• 3:59
  doing
• 4:00
  so.
• 4:00
  But
• 4:00
  we
• 4:00
  have
• 4:01
  a
• 4:01
  bunch
• 4:01
  of
• 4:01
  data
• 4:01
  in
• 4:02
  the
• 4:02
  report
• 4:03
  to
• 4:03
  show
• 4:03
  how
• 4:03
  lower
• 4:04
  priced
• 4:04
  retailers
• 4:05
  are
• 4:05
  performing
• 4:05
  compared
• 4:06
  to
• 4:06
  traditional.
• 4:07
  It's
• 4:07
  actually
• 4:07
  quite
• 4:07
  impressive.
• 4:09
  May
• 4:09
  be
• 4:09
  good
• 4:09
  enough
• 4:09
  to
• 4:09
  change
• 4:10
  consumers
• 4:10
  behavior
• 4:11
  permanently.
• 4:11
  So
• 4:12
  Chad,
• 4:12
  I'm
• 4:12
  curious
• 4:12
  and
• 4:13
  for
• 4:13
  the
• 4:13
  retailers
• 4:14
  and
• 4:14
  the
• 4:14
  CPGs
• 4:14
  in
• 4:15
  the
• 4:15
  audience,
• 4:15
  what
• 4:16
  lessons
• 4:16
  should
• 4:16
  we
• 4:17
  take
• 4:17
  overall
• 4:17
  from
• 4:17
  the
• 4:17
  report?
• 4:19
  I
• 4:19
  think
• 4:20
  one
• 4:20
  of
• 4:20
  the
• 4:20
  biggest
• 4:20
  things
• 4:21
  unfolding
• 4:21
  right
• 4:22
  now
• 4:22
  is
• 4:22
  the
• 4:22
  strength
• 4:23
  of
• 4:23
  private
• 4:23
  label
• 4:24
  for
• 4:24
  both
• 4:24
  retailers
• 4:25
  who
• 4:25
  can
• 4:25
  invest
• 4:26
  behind
• 4:26
  these
• 4:26
  programs
• 4:27
  and
• 4:27
  CPGs
• 4:28
  who
• 4:28
  need
• 4:28
  to
• 4:29
  strengthen
• 4:29
  and
• 4:29
  defend
• 4:29
  against
• 4:30
  them.
• 4:31
  Private
• 4:31
  labels
• 4:32
  are
• 4:32
  brands,
• 4:33
  right.
• 4:33
  They
• 4:33
  no
• 4:33
  longer
• 4:34
  stand
• 4:34
  for
• 4:34
  generic,
• 4:35
  they
• 4:35
  stand
• 4:35
  for
• 4:35
  strength.
• 4:37
  One
• 4:37
  of
• 4:37
  the
• 4:37
  most
• 4:37
  interesting
• 4:38
  charts
• 4:38
  that
• 4:38
  we
• 4:38
  have
• 4:39
  in
• 4:39
  the
• 4:39
  report
• 4:39
  compares
• 4:40
  consumer
• 4:41
  perceptions
• 4:42
  of
• 4:42
  store
• 4:42
  brands.
• 4:43
  So
• 4:43
  private
• 4:43
  label
• 4:44
  against
• 4:44
  national
• 4:45
  brands
• 4:45
  in
• 4:45
  food
• 4:46
  and
• 4:46
  beverage.
• 4:47
  Yeah,
• 4:47
  they're
• 4:47
  more
• 4:48
  affordable
• 4:48
  of
• 4:48
  course,
• 4:49
  but
• 4:50
  consumers
• 4:50
  recognize
• 4:51
  their
• 4:51
  quality.
• 4:52
  Right.
• 4:52
  Like
• 4:52
  68%
• 4:54
  said
• 4:54
  store
• 4:54
  brands
• 4:55
  offer
• 4:55
  quality
• 4:56
  that
• 4:56
  is
• 4:56
  as
• 4:57
  good
• 4:57
  or
• 4:57
  better.
• 4:58
  60%
• 4:59
  said
• 5:00
  they
• 5:00
  provide
• 5:00
  unique
• 5:01
  and
• 5:01
  preferable
• 5:02
  flavors
• 5:03
  and
• 5:03
  offerings.
• 5:04
  66%
• 5:05
  said
• 5:05
  that
• 5:05
  they
• 5:05
  meet
• 5:06
  their
• 5:06
  dietary
• 5:07
  or
• 5:07
  lifestyle
• 5:07
  needs.
• 5:08
  Those
• 5:09
  are
• 5:09
  all
• 5:09
  the
• 5:09
  reasons
• 5:10
  why
• 5:10
  consumers
• 5:10
  switch
• 5:11
  brands.
• 5:11
  To
• 5:12
  save
• 5:12
  money
• 5:12
  to
• 5:13
  experiment
• 5:13
  and
• 5:13
  have
• 5:13
  something
• 5:14
  unique
• 5:15
  and
• 5:15
  because
• 5:15
  of
• 5:15
  the
• 5:15
  ingredient
• 5:16
  panel.
• 5:16
  Right.
• 5:17
  So
• 5:17
  the
• 5:18
  gap
• 5:18
  is
• 5:18
  closed
• 5:19
  and
• 5:19
  consumers
• 5:20
  don't
• 5:20
  have
• 5:20
  to
• 5:20
  make
• 5:20
  those
• 5:21
  same
• 5:21
  kind
• 5:21
  of
• 5:21
  sacrifices.
• 5:22
  So
• 5:23
  lesson
• 5:24
  you
• 5:24
  know,
• 5:24
  brands
• 5:25
  that
• 5:25
  are
• 5:25
  doing
• 5:25
  well
• 5:26
  offer
• 5:26
  tremendous
• 5:27
  value
• 5:28
  at
• 5:28
  an
• 5:28
  opening
• 5:28
  price
• 5:29
  point
• 5:29
  or
• 5:30
  have
• 5:30
  tangible
• 5:30
  benefits
• 5:31
  that
• 5:31
  the
• 5:31
  consumers
• 5:32
  will
• 5:32
  spend
• 5:32
  up
• 5:32
  to
• 5:33
  get.
• 5:33
  It's
• 5:34
  that
• 5:34
  very
• 5:34
  large
• 5:35
  middle
• 5:36
  tier
• 5:36
  that's
• 5:36
  that's
• 5:37
  getting
• 5:37
  squeezed.
• 5:38
  Chad,
• 5:38
  I
• 5:38
  have
• 5:38
  to
• 5:38
  ask
• 5:39
  then
• 5:39
  what,
• 5:40
  what
• 5:40
  does
• 5:40
  this
• 5:40
  mean
• 5:40
  for
• 5:40
  holiday?
• 5:41
  We
• 5:41
  talked
• 5:42
  a
• 5:42
  lot
• 5:42
  about
• 5:42
  food
• 5:42
  and
• 5:42
  beverage
• 5:43
  but
• 5:44
  like
• 5:44
  what,
• 5:44
  where,
• 5:45
  where
• 5:45
  should
• 5:45
  we
• 5:45
  net
• 5:45
  out?
• 5:46
  Where
• 5:46
  should
• 5:46
  we
• 5:46
  expect
• 5:46
  that
• 5:46
  consumers
• 5:47
  will
• 5:47
  net
• 5:47
  out
• 5:47
  this
• 5:47
  holiday
• 5:48
  season?
• 5:48
  Yeah.
• 5:48
  Overall
• 5:49
  our
• 5:49
  respondents
• 5:50
  are
• 5:50
  saying
• 5:50
  about
• 5:50
  flat
• 5:51
  to
• 5:51
  last
• 5:51
  year.
• 5:53
  The
• 5:53
  last
• 5:53
  few
• 5:53
  years
• 5:53
  have
• 5:54
  been
• 5:54
  up
• 5:54
  3
• 5:54
  to
• 5:55
  4%.
• 5:56
  NRF's
• 5:56
  projecting
• 5:57
  that
• 5:57
  as
• 5:57
  well.
• 5:58
  I'd
• 5:58
  say
• 5:58
  that's
• 5:58
  likely
• 5:59
  to
• 5:59
  be
• 5:59
  the
• 5:59
  case
• 5:59
  since
• 6:00
  retail
• 6:00
  sales
• 6:01
  are
• 6:01
  tracking
• 6:01
  about
• 6:02
  4%
• 6:02
  up
• 6:03
  on
• 6:03
  the
• 6:04
  year,
• 6:05
  about
• 6:05
  flat
• 6:06
  to
• 6:06
  1%
• 6:06
  in
• 6:07
  real,
• 6:07
  real
• 6:07
  growth
• 6:08
  with
• 6:08
  the
• 6:09
  latest
• 6:09
  PCE
• 6:09
  report
• 6:10
  at
• 6:10
  3%
• 6:11
  inflation.
• 6:12
  Listen,
• 6:12
  holiday
• 6:13
  in
• 6:13
  a
• 6:13
  lot
• 6:13
  of
• 6:13
  ways
• 6:14
  falls
• 6:14
  into
• 6:14
  these
• 6:15
  kind
• 6:15
  of
• 6:15
  routinely
• 6:16
  budgeted
• 6:16
  essentials
• 6:17
  category
• 6:17
  at
• 6:18
  this
• 6:18
  point.
• 6:18
  In
• 6:18
  a
• 6:18
  way
• 6:18
  like
• 6:19
  I
• 6:19
  need
• 6:19
  to
• 6:19
  buy
• 6:20
  for
• 6:20
  my
• 6:20
  kids,
• 6:20
  my
• 6:21
  partner,
• 6:21
  my
• 6:21
  family,
• 6:22
  whomever
• 6:23
  consumers
• 6:24
  are
• 6:24
  telling
• 6:24
  us
• 6:24
  they
• 6:25
  want
• 6:25
  to
• 6:25
  spend
• 6:25
  a
• 6:26
  of
• 6:26
  money
• 6:26
  lot
• 6:26
  a
• 6:26
  little
• 6:26
  less
• 6:27
  in
• 6:27
  doing
• 6:27
  so
• 6:27
  keep
• 6:28
  it
• 6:28
  reasonable,
• 6:29
  a
• 6:29
  little
• 6:30
  down
• 6:30
  on
• 6:30
  things
• 6:30
  like
• 6:31
  holiday
• 6:31
  decorations
• 6:32
  and
• 6:32
  entertainment.
• 6:34
  But
• 6:34
  as
• 6:34
  it
• 6:34
  plays
• 6:35
  out,
• 6:35
  the
• 6:35
  holiday
• 6:35
  season
• 6:36
  is
• 6:36
  a
• 6:36
  little
• 6:36
  impulsive
• 6:37
  too.
• 6:37
  Right?
• 6:37
  It's
• 6:38
  like
• 6:38
  candy
• 6:38
  at
• 6:38
  the
• 6:39
  checkout
• 6:39
  aisle.
• 6:39
  You
• 6:40
  didn't
• 6:40
  plan
• 6:40
  to
• 6:41
  buy
• 6:41
  that
• 6:41
  candy
• 6:41
  bar,
• 6:42
  but
• 6:42
  you're
• 6:42
  there,
• 6:42
  it
• 6:43
  looks
• 6:43
  good
• 6:43
  and
• 6:43
  it's
• 6:43
  going
• 6:44
  to
• 6:44
  make
• 6:44
  someone
• 6:44
  happy,
• 6:45
  in
• 6:45
  that
• 6:45
  case,
• 6:46
  yourself.
• 6:47
  That
• 6:47
  might
• 6:47
  even
• 6:47
  be
• 6:47
  why
• 6:48
  our
• 6:48
  respondents
• 6:48
  are
• 6:49
  saying
• 6:49
  they
• 6:49
  plan
• 6:49
  to
• 6:49
  spend
• 6:50
  a
• 6:50
  little
• 6:50
  net
• 6:50
  more
• 6:51
  on
• 6:51
  gifts
• 6:51
  to
• 6:51
  their
• 6:51
  self
• 6:52
  this
• 6:52
  year
• 6:52
  because
• 6:52
  of
• 6:53
  that
• 6:53
  behavior.
• 6:54
  But
• 6:55
  listen,
• 6:55
  it's
• 6:55
  November.
• 6:56
  Most
• 6:56
  orders
• 6:57
  have
• 6:57
  been
• 6:57
  made
• 6:58
  and
• 6:58
  shipments
• 6:59
  sent.
• 7:00
  So
• 7:01
  keep
• 7:01
  on
• 7:01
  top
• 7:01
  of
• 7:01
  your
• 7:02
  sales
• 7:02
  signals,
• 7:03
  manage
• 7:03
  your
• 7:03
  inventory
• 7:04
  promos
• 7:05
  and
• 7:05
  markdowns
• 7:06
  and
• 7:06
  hopefully
• 7:07
  we
• 7:07
  cross
• 7:07
  that
• 7:07
  trillion
• 7:08
  dollar
• 7:08
  mark
• 7:08
  for
• 7:08
  holiday
• 7:09
  retail
• 7:09
  sales
• 7:09
  this
• 7:10
  year.
• 7:10
  Hopefully.
• 7:11
  All
• 7:11
  right,
• 7:11
  thanks,
• 7:12
  Chad.