“Consumption is the sole end and purpose of all production; and the interest of the producer ought to be attended to only so far as it may be necessary for promoting that of the consumer.”
– Adam Smith
The Through Line: Powering nearly 70% of U.S. economic activity, consumers are literally A. VERY. BIG. DEAL. While it is tempting to view them as a monolith, significant disparities exist across demographic and earnings cohorts. Understanding these differences offers a vital perspective on factors that could shape the trajectory of growth, industry fortunes – and perhaps even a policy decision or two – in coming quarters.
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