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Walmart officials are already putting a wet blanket on expectations for Christmas spending as they are cautioning that customers are putting their money to food and necessities and far less to toys and luxury items in this era of rampant Bidenflation.

“The most important thing for people this holiday is to have food on the table for their families,” Isaac Larian, CEO of Bratz doll maker MGA Entertainment, said in an interview.

Per Reuters:

Walmart (WMT.N) on Thursday said U.S. consumers are acting more cautious with spending as the holiday season gets underway, even as the largest U.S. retailer raised its forecast for sales and profit for the year.

The company’s shares fell 7.7% Thursday as executives said higher interest rates and dwindling household savings have made sales “somewhat uneven” over the past two months.

Walmart’s bigger focus on groceries has provided a bulwark against the broad slowdown in discretionary spending with more than half of the company’s merchandise comprising of food and other daily essentials.

Walmart’s Chief Financial Officer John David Rainey told Reuters the company saw shoppers slow purchases in the second half of October, but rebound in early November on items including apparel and home goods that have been out of favor for most of the year.

Toy makers are also worried that the Christmas of 2023 is not going to be so great for them.

In a separate article, Reuters reported the words of Bratz doll CEO Isaac Larian.

“The most important thing for people this holiday is to have food on the table for their families,” Isaac Larian, CEO of Bratz doll maker MGA Entertainment, said in an interview.

Mattel and Hasbro are also not expecting gangbusters for 2023.

“We have a cautious outlook on the holiday,” CEO Chris Cocks said during Hasbro’s earnings call Thursday. “We do not have a real solid view on where the market will go.”

It is already looking like the U.S. is heading to a dismal Christmas.

Follow Warner Todd Huston on Facebook at: facebook.com/Warner.Todd.Huston, or Truth Social @WarnerToddHuston

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Warner Todd Huston

Warner Todd Huston has been writing editorials and news since 2001 but started his writing career penning articles about U.S. history back in the early 1990s. Huston has appeared on Fox News, Fox Business Network, CNN, and several local Chicago News programs to discuss the issues of the day. Additionally, he is a regular guest on radio programs from coast to coast. Huston has also been a Breitbart News contributor since 2009. Warner works out of the Chicago area, a place he calls a "target rich environment" for political news.

 

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