May was a rough month unless you could partake in the Memorial Day sale bonanza, based on my experience.

Consumer spending data backs this up, according to EMARKETER:

US retail sales fell more than expected in May from April, the latest sign that tariff fears and economic volatility are affecting consumer spending.

There are signs of resilience, but plenty of red flags 🚩

Consumer confidence remains well below what it was at the end of 2024, as concerns about the economy, employment, and finances remain elevated due to ongoing volatility and lack of clarity on tariffs.

Even high-income consumers are beginning to rethink their spending, with many choosing to trade down or pull back on discretionary categories like dining out and luxury goods