“There is only one boss. The customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else.” - Sam Walton, founder of Walmart

The Through Line: Consumer spending drives a substantial portion of economic activity in both the U.S. and Canada, though consumer stocks represent much smaller weights in both the S&P 500 and S&P/TSX Composite Indexes. This makes an interesting conundrum for investors: AI and infrastructure spending have arguably been driving the market bus over the past few years, but people – as purchasers, employees and citizens – are the ultimate raison d’etre. This week, we take a broader view on long-term trends impacting consumer behavior, employment, sentiment and balance sheet wherewithal.


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