• 6月零售支出增长表明消费者仍在不断消费，但不确定的经济环境意味着他们正变得更加挑剔，努力精打细算地花每一分钱。
上个月消费者支出激增表明，关税并未完全扼杀美国消费者的消费需求。6月，零售支出以0.6%的稳健速度增长，而剔除汽油等波动性行业的核心支出同比增长3.9%。
但表象之下，压力迹象已然显现。消费者确实仍在消费，但他们在消费时变得更加挑剔。人们削减了许多非必需品开支，并为不可避免的消费寻找优惠。
美国银行研究所（Bank of America Institute）近期的一份报告发现了一个矛盾现象：尽管数据显示消费者近期增加了餐厅支出，但受访的消费者却表示他们实际上减少了外出就餐开支。他们用“寻找优惠”来解释这一现象：食客们仍然外出就餐，但降低了所光顾餐厅的档次，以求物有所值。
美国银行写道：“在经济低迷时期，消费者未必会减少外出就餐次数，而是会选择价格更低的餐厅。”
研究发现：“我们看到消费者选择性消费行为仍在持续，这通常是经济不确定时期的特征。具体而言，部分消费者似乎在寻求或许数量减少但更有意义的体验。”
食品杂货领域也出现了类似的趋势。消费者购物频率增加但单次花费减少。美国银行写道，这“意味着人们可能正进行更有选择性的购物，以获取最优惠的价格”。
因此，尽管美国普通消费者仍在进行消费，但他们正变得更加精打细算，尽量只购买必需品。
在这个整体表现强劲的月份，大多数零售类别支出均有所增长，但家具、电子产品和家电的支出却出现下滑。这些商品类别正开始感受到关税带来的价格冲击。
刚刚结束的亚马逊（Amazon）Prime会员日促销活动也显现出消费者承受压力的端倪。根据Adobe的数据，今年为期四天的活动销售额同比增长30.3%，但增长主要源于折扣驱动，因为“消费者对价格仍很敏感”。据该数据提供商称，“先买后付”的使用也有所增加，因为购物者寻求“更灵活的预算管理方式”。美联社援引消费者数据提供商Numerator的报道称，最重要的是，Prime会员“优先购买了洗洁精、纸制品等必需品，而非高价商品”。
对优惠的追求甚至已扩展到奢侈品领域。根据eMarketer的数据，在近期一项调查中，超过四分之一的美国成年人表示他们减少了奢侈品支出，但同样比例的受访者表示购买了翻新或二手奢侈品。该媒体写道：“结论很明确——即使是奢侈品买家也感受到了压力”，并建议零售商在营销中“强调价值、值得投资的品质和独特性”。
随着购物者对价格日益敏感，通胀飙升可能会进一步削弱消费信心。美国劳工部此前报告称，6月消费物价同比上涨2.7%，涨幅较5月加快。
海军联邦信贷联盟（Navy Federal Credit Union）首席经济学家希瑟·朗在发给美联社的一份声明中表示，目前就业市场状况良好且失业率低，这仍在为消费支出托底。
她表示：“消费者对关税及潜在的价格上涨仍存有诸多担忧，但如果觉得能买到物美价廉的商品，他们还是愿意消费的。”（*）
译者：刘进龙
审校：汪皓
• 6月零售支出增长表明消费者仍在不断消费，但不确定的经济环境意味着他们正变得更加挑剔，努力精打细算地花每一分钱。
上个月消费者支出激增表明，关税并未完全扼杀美国消费者的消费需求。6月，零售支出以0.6%的稳健速度增长，而剔除汽油等波动性行业的核心支出同比增长3.9%。
但表象之下，压力迹象已然显现。消费者确实仍在消费，但他们在消费时变得更加挑剔。人们削减了许多非必需品开支，并为不可避免的消费寻找优惠。
美国银行研究所（Bank of America Institute）近期的一份报告发现了一个矛盾现象：尽管数据显示消费者近期增加了餐厅支出，但受访的消费者却表示他们实际上减少了外出就餐开支。他们用“寻找优惠”来解释这一现象：食客们仍然外出就餐，但降低了所光顾餐厅的档次，以求物有所值。
美国银行写道：“在经济低迷时期，消费者未必会减少外出就餐次数，而是会选择价格更低的餐厅。”
研究发现：“我们看到消费者选择性消费行为仍在持续，这通常是经济不确定时期的特征。具体而言，部分消费者似乎在寻求或许数量减少但更有意义的体验。”
食品杂货领域也出现了类似的趋势。消费者购物频率增加但单次花费减少。美国银行写道，这“意味着人们可能正进行更有选择性的购物，以获取最优惠的价格”。
因此，尽管美国普通消费者仍在进行消费，但他们正变得更加精打细算，尽量只购买必需品。
在这个整体表现强劲的月份，大多数零售类别支出均有所增长，但家具、电子产品和家电的支出却出现下滑。这些商品类别正开始感受到关税带来的价格冲击。
刚刚结束的亚马逊（Amazon）Prime会员日促销活动也显现出消费者承受压力的端倪。根据Adobe的数据，今年为期四天的活动销售额同比增长30.3%，但增长主要源于折扣驱动，因为“消费者对价格仍很敏感”。据该数据提供商称，“先买后付”的使用也有所增加，因为购物者寻求“更灵活的预算管理方式”。美联社援引消费者数据提供商Numerator的报道称，最重要的是，Prime会员“优先购买了洗洁精、纸制品等必需品，而非高价商品”。
对优惠的追求甚至已扩展到奢侈品领域。根据eMarketer的数据，在近期一项调查中，超过四分之一的美国成年人表示他们减少了奢侈品支出，但同样比例的受访者表示购买了翻新或二手奢侈品。该媒体写道：“结论很明确——即使是奢侈品买家也感受到了压力”，并建议零售商在营销中“强调价值、值得投资的品质和独特性”。
随着购物者对价格日益敏感，通胀飙升可能会进一步削弱消费信心。美国劳工部此前报告称，6月消费物价同比上涨2.7%，涨幅较5月加快。
海军联邦信贷联盟（Navy Federal Credit Union）首席经济学家希瑟·朗在发给美联社的一份声明中表示，目前就业市场状况良好且失业率低，这仍在为消费支出托底。
她表示：“消费者对关税及潜在的价格上涨仍存有诸多担忧，但如果觉得能买到物美价廉的商品，他们还是愿意消费的。”（*）
译者：刘进龙
审校：汪皓
• Retail spending growth in June shows consumers are still opening their wallets, but an uncertain economic environment means they’re increasingly picky about where their money goes as they try to stretch dollars further.
A consumer spending surge last month shows that tariffs haven’t quite killed the American shopper’s need to spend. Retail spending grew at a healthy pace of 0.6% in June, and core spending—a category excluding volatile sectors like gasoline—grew 3.9% from the year before.
But under the surface, there are signs of stress. Shoppers are still opening their wallets, yes, but they’re taking a much choosier approach to spending—cutting back on many nonessentials and hunting for deals on unavoidable purchases.
A recent Bank of America Institute note spotted a contradiction: While data shows customers increasing spending at restaurants recently, when surveyed, shoppers said they actually cut spending on dining out. They explain this by deal-hunting: Diners still went out, but scaled down the types of restaurants they visited to get more bang for their buck.
“[C]onsumers do not necessarily dine out less during downturns, but rather they shift to cheaper restaurants,” BoA wrote.
“We are seeing a continuation of the consumer selectivity that typically characterizes times of economic uncertainty. Specifically, some consumers appear to be seeking out perhaps fewer, but more meaningful experiences,” the research found.
A similar trend is playing out in the grocery aisle, with consumers shopping more frequently but spending less money per trip, “meaning it’s likely people are shopping more selectively to get the best bargains,” BoA wrote.
So while the average American consumer is still spending, they’re getting pickier about where the money goes—cutting back to just the necessities, where possible.
In an overall strong month where spending expanded across most retail categories, spending fell for furniture, electronics, and appliances—categories that are starting to feel a price hit from tariffs.
The just-ended Amazon Prime sales event also showed hints of consumer stress. Sales during the four-day event this year grew 30.3% from the year before, according to Adobe, but much of the growth was driven by discounts, as the “consumer remains price sensitive.” The use of buy-now-pay-later also rose, as shoppers looked for “more flexible ways to manage their budgets,” according to the data provider. Above all, Prime shoppers “prioritized essentials like dish soap and paper products over big-ticket purchases,” the Associated Press reported, citing consumer-data provider Numerator.
The hunt for bargains has even expanded into the luxury space. According to eMarketer, over a quarter of U.S. adults in a recent survey said they’ve cut back spending on luxury goods, but the same portion says they’ve bought refurbished or used luxury items. “[T]he takeaway is clear—even luxury buyers are feeling the pinch,” the outlet wrote, advising retailers to “emphasize value, investment-worthy quality, and exclusivity” in marketing.
As shoppers grow increasingly price-conscious, a surge in inflation could take a further bite out of that confidence. Consumer prices in June rose at a 2.7% annual rate, speeding up from May, the Labor Department previously reported.
For now, a healthy job market with low unemployment is still keeping the floor under spending, Heather Long, the chief economist at Navy Federal Credit Union, said in a statement to the AP.
“There’s still a lot of trepidation about tariffs and likely price hikes, but consumers are willing to buy if they feel they can get a good deal,” she said.