A&G Banca | With a exports still in contraction, although perhaps less than a few months ago, it is the American consumer who has sustained the global cycle.
US consumption is facing headwinds for the following five reasons: (i) Americans will have 6 days less for purchases between Thanksgiving and Christmas this year, (ii) the annual comparison is the most difficult since 2013, (iii) levels of inventories are very high, (iv) the weather has not accompanied winter sales and (v) the sector is very exposed to tariffs which pressures margins.
