Walmart shoppers saving, not spending tax refunds

Walmart CEO Doug McMillon is blaming quarterly results that were weaker than expected on a decline in customers' discretionary spending. According to a recent survey of Walmart's U.S. shoppers, consumers are using tax refunds and lower gas prices to pay debts or save money rather than spend on retail. Either that, or extra money is going toward essentials such as utilities and groceries. Walmart customers, like consumers everywhere, are spending a bit more cautiously in-store. Story

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