American shoppers are tired. These companies are benefiting

Americans are worn down by high inflation and interest rates. Companies that offer bargains and staples are reaping the rewards.

Just ask Ross Stores: America’s largest off-price retailer reported earnings and revenue that beat analysts’ forecasts last week. Company executives said they’re planning on opening about 90 new stores this year. In contrast, high-end retailers such as Burberry have been sounding the alarm of a broad slowdown in luxury spending.

“You’re seeing a pullback from consumers on the more discretionary-spending side of things,” Clayton Allison, portfolio manager at Prime Capital Investment Advisors, told CNN.

Allison said US consumers’ more cautious stance will be a boon for retailers that sell essentials such as groceries.

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