Americans aren't shopping like they used to.
Low-income and middle class retailers including Wal-Mart, JCPenney, Target, Macy's, and Family Dollar have reported disappointing earnings this year.
Executives at these retailers say that Americans are increasingly unwilling to spend money on discretionary items, despite modest gains in the job market.
"Low-end and middle-income retailers are still suffering because people are buying so close to need," Brian Yarbrough, consumer analyst at Edward Jones, told Business Insider.
Target Corp., like many other retail rivals, was laid low in its first fiscal quarter by cold spring temperatures that discouraged seasonal shopping and caused the chain to underperform by even its own metrics.
The Washington Post notes in an article entitled “Census: Middle class shrinks to an all-time low“: The vise on the middle class tightened last year, driving down its share of the income pie as the number of Americans in poverty lev...
Retailers like Macy's, JCPenney, and Kohl's have all reported mediocre results this week. The companies have blamed a variety of temporary factors — such as delayed inventory shipments, bad weather in February, and fewer internation...