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<ul class="summary-list"><li>US real GDP grew at an annualized rate of 2.8% in the third quarter of this year, less than the forecast.</li><li>This means the economy is still growing healthily — even if it was weaker than expected.</li></ul>In the third quarter, US economic growth fell short of expectations but remained strong.A news release from the Bureau of Economic Analysis said real gross domestic product rose at an annualized rate of 2.8% in the third quarter of the year, less than the <a target="_blank" class="" href="https://www.investing.com/economic-calendar/gdp-375">forecast</a> of 3%."The increase in real GDP primarily reflected increases in consumer spending, exports, and federal government spending," the news release said. Consumer spending was a particular highlight, with personal consumption expenditures growing at a strong 3.7% annualized rate.Real GDP rose at an annualized rate of 1.6% in the first quarter and 3% in the second quarter.The weaker-than-expected GDP growth doesn't necessarily mean the US is heading toward a recession. There's still a lot of strength in the economy. Layoffs remain low and inflation-adjusted wage and income growth are back to their strong pre-pandemic trends.The presidential election is less than a week away, and <a target="_blank" class="" href="https://www.businessinsider.com/what-is-going-on-with-economy-jobs-inflation-election-voting-2024-10">the economy is top of mind for voters</a>. Additionally, the Federal Reserve will announce its next interest-rate decision on November 7. The Fed has several recent data releases, in addition to the upcoming jobs report on Friday, to help it determine whether or how much it will cut rates. Before the GDP report, <a target="_blank" class="" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">traders</a> expected the central bank would cut rates by 25 basis points in November. That was still the case after the report, with a probability of around 96%.The US economy has generally been strong since recovering from the 2020 Covid recession, and the new GDP reading adds to this. David Kelly, chief global strategist at J.P. Morgan Asset Management, said in a note that "in an economy that has averaged 2.1% growth since the start of this century," adding that anything between 2.5% and 4% "shows a continuation of above-trend real growth."Wednesday's reading is the advance estimate based on early data collected by the Commerce Department, so it could change as more information rolls in. Hurricane Helene in September and Hurricane Milton in October affecting businesses could impact GDP in the third or fourth quarter; it may mean larger revisions upward or downward.Mark Hamrick, a senior economic analyst at Bankrate, told Business Insider earlier this month that because economic data will likely be "foggy" because of issues like strikes and recent hurricanes, "we may have to employ a little bit of patience to get through the end of the year and hope for better visibility about economic data."This is a developing story. Please check back for updates.

US economic growth came in slightly under expectations but consumer spending remains strong

<keyword id="20599258" type="General" weightage="20" keywordseo="Indian-consumers" source="keywords">Indian consumers</keyword> demonstrated a significant increase in their <keyword id="21084888" type="General" weightage="100" keywordseo="credit-card-spending" source="keywords">credit card spending</keyword> in July this year, marking a 19% increase compared to the same month last year. According to a report released by <keyword id="19945737" type="General" weightage="20" keywordseo="SBI-Securities" source="keywords" meta.keywordsubtype="org" meta.entityname="SBI Securities" meta.hostid="261" meta.entityid="SBI Securities">SBI Securities</keyword>, the total expenditure by credit card users across the country reached an impressive Rs 1.7 trillion. This substantial uptick highlights the growing reliance on credit cards for transactions, reflecting broader economic trends and <keyword id="20740758" type="General" weightage="20" keywordseo="consumer-confidence" source="keywords">consumer confidence</keyword>. The report also highlighted a considerable increase in <keyword id="21118324" type="General" weightage="20" keywordseo="transaction-volumes" source="keywords">transaction volumes</keyword>, which surged by 39% year-on-year, reaching a total of 38.4 crore transactions in July 2024. This increase in the number of transactions underscores the widespread adoption and usage of credit cards as a preferred <keyword id="20632158" type="General" weightage="20" keywordseo="payment-method" source="keywords">payment method</keyword> among Indian consumers. "Credit card spending in India increased 19% YoY to Rs 1.7 trillion in Jul'24. The transaction volume during the month was 38.4 crore, up 39% YoY" said the report. The report also noted that among the banks, <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="261" meta.entityid="HDFC Bank">HDFC Bank</keyword> emerged as the leader in terms of transaction volumes, with its credit cards facilitating 9.9 crore transactions during the month. <keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="ICICI Bank" meta.hostid="261" meta.entityid="ICICI Bank">ICICI Bank</keyword> followed closely with 7.1 crore transactions, while SBI secured the third position with 6.3 crore transactions. In terms of transaction value, HDFC Bank again led the way, with a total spend of Rs 44,369 crore through its credit cards in July. ICICI Bank and SBI followed with Rs 34,566 crore and Rs 26,878 crore, respectively. The report said "In Jul'24, transaction volumes was led by cards issued by HDFC Bank (9.9 crore) followed by ICICI Bank (7.1 crore) and SBI (6.3 crore)". Additionally, the <keyword id="22988051" type="General" weightage="20" keywordseo="average-transaction-value" source="keywords">average transaction value</keyword> (ATV) also saw a marginal increase of 1.4% month-on-month in July 2024. This marks the first increase in ATV in ten months, suggesting a shift in consumer behaviour towards higher-value transactions after a period of stagnation. Overall, these figures reflect the growth of credit card usage in India, driven by increased consumer confidence and the convenience offered by credit card transactions.

Indians credit card spending increases 19% YoY to Rs 1.7 trillion in July 2024

<ul class="summary-list"><li>Wall Street analysts expect Amazon to deliver an earnings beat when it reports quarterly results on Thursday </li><li>Expanding growth in Amazon's cloud platform is a bullish driver, analysts said. </li></ul>Wall Street is gearing up for <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a> to deliver strong quarterly financial results after the closing bell on Thursday, though uncertainty lingers about how the company might navigate a slowdown in consumer spending. Most analysts anticipate solid earnings and further upside for Amazon stock, driven by its cloud platform and advertising strength. Yet, concerns linger over slowing retail margins and Amazon's rising investments in other areas of its business. That includes Project Kuiper, Amazon's initiative to deploy thousands of satellites for an increased broadband network, as well as investments in AI.Here's what analysts are saying ahead of the company's earnings.<h2 id="7d0771bb-aa3e-412b-a84f-9826870e8bca">CFRA: Searching for investment balance</h2>CFRA considers Amazon a compelling multi-year profit and cashflow story, but the firm is cautious about near-term prospects. "Growth may not be linear due to a tepid consumer spending environment, lumpy AWS deal volume, and accelerated investments in areas like Project Kuiper, generative AI, same-day fulfillment, and Prime Video digital content."Analyst Arun Sundaram said this will translate into a "modest" third-quarter earnings beat. CFRA expects revenue to rise 10.5% year-over-year and GAAP operating profit to climb 36%. CFRA's estimates are at the upper end of Amazon's guidance range."Overall, investors will be looking for AMZN to strike the right balance of growth vs. investments," Sundaram said.The note said that while Amazon's operating margins are expected to continue growing into 2025, reinvestment into other areas of the business will slow this expansion.CFRA trimmed its Amazon price target to $219 a share on October 21, indicating 13% upside ahead.<h2 id="29d2fdf4-34f7-4afe-b90a-0a79ffeca902">Bank of America: Mixed results incoming</h2>BofA's Justin Post suggested investors brace for a mixed bag of third-quarter results.Bank of America views consensus revenue estimates as too high and predicts $157 billion for the quarter. However, the bank's outlook for operating profit stands above consensus views at $15 billion.The bank expects the quarter's leading growth drivers will include Amazon Web Services, the firm's AI-led cloud-computing platform. According to Post, margins here will likely be better than Wall Street is expecting"AI demand likely improved further in 3Q, and we think investors may be expecting 20% y/y growth for 3Q, which would suggest the largest 3Q in terms of sequential dollars added at $1.39bn," he said.Consumer spending uncertainty could be a concern, and BofA expects a slight deceleration in discretionary retail sales growth.The firm has a "buy" rating on the stock and a $210 price target, which implies an 8.3% gain from current levels.<h2 id="a9024ebe-7cb6-44b8-a728-de20774ef87c">JPMorgan: AWS acceleration leaves room for optimism</h2>JPMorgan cited Amazon's expanding cloud platform and solid store growth as key reasons to be bullish on the stock.The bank said easing optimizations, workload migrations, and AI's growing monetization will support further AWS acceleration through this year, leading to 20% growth year-to-date.In line with Bank of America, the firm anticipates third-quarter net sales to reach $157 billion, below consensus estimates of $157.3 billion. Meanwhile, retail profits in the last quarter faced headwinds, and consumers appear cautious about spending. Shoppers eager for a deal are weighing on Amazon's average selling prices, the bank said.JPMorgan has an "overweight" rating on Amazon and a $230 price target. This suggests an 18.6% upside from current levels.<h2 id="fb352aa7-bfbb-4165-82f3-89a50fc7ea22">Wedbush Securities: Don't worry about rising investment costs</h2>Wedbush Securities has cheered Amazon's growing cloud segment and a revenue shift toward high-margin advertising. Together, these should help offset headwinds brought on by the company's spending on investments elsewhere. "We think the risk/reward is attractive heading into results as investor expectations for 2H profitability have moderated, AWS growth continues to accelerate, and advertising momentum is building into 2025," a team of analysts led by Scott Devitt wrote.The firm said investors have toned down margin expectations due to Amazon's spending in new investment areas, such as Project Kuiper. While this may require more investment from the company over time, Wedbush doesn't expect it to impact profitability in the near-term.Wedbush reiterated its "outperform" rating and $225 price target, implying a 16% gain from current levels.<h2 id="e4b3e058-a63d-4251-8620-4b1f8f0899e3">Morgan Stanley: Bullish into 2025</h2>Analysts led by Brian Nowak focused on Amazon's fourth-quarter guidance, suggesting that the company's earnings before interest and taxes might come in lower than expected."We see AMZN's high and growing focus on lower-priced, lower-margin essentials driving merchandise margin pressure... which is holding back the near-term slope of its N. America retail profit ramp. Expected discounting in a competitive holiday season (and picky discretionary consumer) create further near-term uncertainty," they said.The bank expects fourth-quarter EBIT of around $17.5 billion, 1% below consensus expectations.But looking forward to 2025, the bank recommends sticking with the stock as retail pressures will be a short-term headwind. Corporate efficiencies and shipping costs will make lower-priced essentials profitable for the company through next year, the bank projected.Morgan Stanley has a $210 price target for the stock, representing upside of about 8% from Wednesday's share price.

Wall Street is bullish on Amazon earnings despite uncertainty around consumer spending, rising investment costs

<ul class="summary-list"><li><a target="_blank" class="" href="https://www.businessinsider.com/consumer-spending-decline-how-retailers-respond-inflation-prices-walmart-costco-2024-6">Consumers have been pulling back spending</a> lately on a range of goods.</li><li>But they're still having lots of stuff delivered, <keyword id="20026068" type="General" weightage="20" keywordseo="DoorDash" source="keywords" meta.keywordsubtype="org" meta.entityname="DoorDash" meta.hostid="261" meta.entityid="DoorDash">DoorDash</keyword>, <keyword id="20579876" type="General" weightage="20" keywordseo="Instacart" source="keywords" meta.keywordsubtype="org" meta.entityname="Instacart" meta.hostid="261" meta.entityid="Instacart">Instacart</keyword>, and <keyword id="19895382" type="General" weightage="20" keywordseo="Uber" source="keywords" meta.keywordsubtype="org" meta.entityname="Uber" meta.hostid="261" meta.entityid="Uber">Uber</keyword> earnings show.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/shoppers-spending-less-retailers-brands-cutting-prices-economy-explained-why-2024-7">Shoppers are cutting back spending</a> on everything from snacks to washing machines. But when they do buy something, they're still willing to have it shipped right to their doorstep, earnings from the <a target="_blank" class="" href="https://www.businessinsider.com/golden-age-gig-work-instacart-doordash-delivery-jobs-over-2023-12#:~:text=The%20golden%20age%20of%20working%20for%20Instacart%2C%20DoorDash%2C%20and%20other,apps%20is%20over%2C%20workers%20say&amp;text=Delivering%20groceries%20and%20takeout%20as,said%20in%20dozens%20of%20interviews.">major delivery companies</a> suggest. During Uber's second quarter, "the number of first-time consumers on Uber Eats in the US was higher than at any point over the past 5 quarters," CEO Dara Khosrowshahi said during a call on Tuesday. Later in the day, Instacart reported a 10% jump in the value of transactions on its platform during the second quarter. Most of that increase came as customers placed more orders, CEO Fidji Simo said on a call with analysts. And Instacart's average order value during the quarter was $116 — the highest in about three years, Robert Mollins, a Gordon Haskett analyst, wrote in a research note on Wednesday. The two reports follow similar results from DoorDash last week. Total orders rose 19% during the company's second quarter, it said on August 1. Shoppers are also still dealing with historically high prices, especially for food, even though inflation has slowed over the last few months. And delivery, especially through third-party services, often costs customers extra compared to picking something up at a store. One <a target="_blank" class="" href="https://www.businessinsider.com/instacart-shoppers-forbidden-from-giving-customers-paper-receipts-2023-8">Instacart customer posted on TikTok after finding out that she paid nearly $100 more</a> in markups ordering groceries through the service than she would have if she had gone to the supermarket herself, for instance. Before the latest round of earnings, "investors were concerned about softening <keyword id="20139791" type="General" weightage="20" keywordseo="consumer-spending" source="keywords">consumer spending</keyword> at restaurants," Mollins wrote in a note last week. That could impact delivery companies. Those fears were eased once DoorDash reported another strong quarter of order growth, he added. "We're not actually seeing some of the challenges that you may be hearing about or reading about in other headlines," DoorDashCEO Tony Xu said during an investor call. To be sure, part of Doordash's growth has been due to expansion beyond its traditional restaurant delivery realm. This year, for example, the company <a target="_blank" class="" href="https://www.businessinsider.com/doordash-instacart-challenging-ups-fedex-for-retail-deliveries-2024-7">started delivering orders for Lowe's</a> and added to its partnership with beauty retailer Ulta. "Increasingly, we're seeing customers coming to us for the first time actually for non-restaurant use cases," Xu said. Customers who have their purchases delivered aren't a perfect proxy for the broader economy, too. Uber's Khosrowshahi said that his company is "not seeing any softness or trading down across any income cohort." However, he acknowledged that the company's consumers "tend to be higher income" than the general population. Still, the delivery companies are offering deals for customers who want to get the best bang for their buck. "The cost of groceries continues to be top of mind for consumers," Instacart's Simo wrote in a letter announcing the quarterly results. She pointed to several Instacart efforts to keep prices low for customers, such as creating digital versions of circulars traditionally found in newspapers as well as offering free delivery windows meant to attract new customers. Do you work for DoorDash, Instacart, Uber Eats, or another gig delivery service and have a story to share? Reach out to this reporter at abitter@businessinsider.com Correction: August 9, 2024 — An earlier version of this story misstated Instacart’s average order value in the second quarter. It was $116, not $106.

Americans are still having a lot of stuff delivered from DoorDash and Uber, and it shows how much we'll pay for convenience

India's economy is expected to grow at 7-7.2 per cent in the current fiscal year driven by robust economic fundamentals and continuity in domestic policy reforms, <keyword id="20006170" type="General" weightage="100" keywordseo="Deloitte-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Deloitte India" meta.hostid="261" meta.entityid="Deloitte India">Deloitte India</keyword> said on Monday. The August update of <keyword id="19896400" type="General" weightage="20" keywordseo="deloitte" source="keywords">Deloitte</keyword>'s India Economic Outlook said several initiatives in the <keyword id="19908389" type="General" weightage="20" keywordseo="union-budget" source="keywords">Union Budget</keyword> 2024-25 toward improving agriculture productivity, creating jobs for the youth, and in manufacturing and addressing the challenge of access to finance for micro, small, and medium enterprises (MSMEs), would help improve supply-side demand, curb inflation, and prop up <keyword id="20139791" type="General" weightage="20" keywordseo="consumer-spending" source="keywords">consumer spending</keyword>, especially in rural areas. Deloitte India Economist Rumki Majumdar said, India will witness robust growth in the second half after a period of uncertainty in the first six months of the year. "Key contributing factors include the continuity in domestic policy reforms, reduced uncertainties in the US post-elections, and more synchronous global growth within a low inflation regime. "Additionally, improved global liquidity conditions, as central banks in the West ease their monetary policy stance, will enhance capital flows and drive higher investments, particularly in the private sector," Majumdar said. Observing that strong economic fundamentals would drive <keyword id="19972825" type="General" weightage="20" keywordseo="GDP-growth" source="keywords">GDP growth</keyword> between 7 per cent and 7.2 per cent in FY25, the Economic Outlook report said effectively addressing the urban-rural consumer spending gaps, inflation, and employment concerns can significantly enhance the affordability of aspirational rural consumers. "The much-desirable policy pivot was evident in the Union Budget presented last month. Reducing the urban and rural spending gap in the coming years will ensure sustained consumer demand from a larger consumer base," it added. Deloitte India's growth projection is at par with that of RBI, which projected FY'25 growth at 7.2 per cent. It is higher than Finance Ministry's Economic Survey which estimated GDP expansion between 6.5-7 per cent. The <keyword id="19948184" type="General" weightage="20" keywordseo="Indian-economy" source="keywords">Indian economy</keyword> grew at 8.2 per cent in 2023-24 fiscal year. The report further said despite strong growth, private consumption spending has remained modest over the past five years. The pandemic, high global and domestic inflation, consequent tightening of financial conditions, and the effects of poor agriculture output on rural demand seem to have capped private consumption growth in India. But a Deloitte research showed that India is witnessing distinct and broad-based shifts in consumption patterns. There is a broad-based shift in the composition of consumption towards more non-food and discretionary items, reflecting changing lifestyles and preferences that are here to stay. According to the Household Consumption Expenditure Survey, spending on discretionary goods and services (including conveyance) has gone up both in rural and urban India, with the former quickly catching up in spending on discretionary durable goods (including automobiles, electric and electronic goods) with the latter in just one decade. "Demand for processed food has been among the highest in most states, suggesting a shift towards ready-to-eat options. Rapid urbanization, increasing women's participation in the workforce, and enhanced marketing and availability are driving these changing dietary habits," the report said. According to Deloitte research, if increasing income in states results in a relatively equitable distribution and higher rural spending, businesses can tap into a larger proportion of the state's population that resides in rural areas. This gives businesses access to a large consumer base and a sustainable consumer spending demand, as compared to states with a widening gap.

Indian economy likely to grow at 7-7.2 percent in FY25,Deloitte India says

In FY25, Punjab is set to experience financial challenges as its capital-to-revenue expenditure ratio is the lowest among all states, standing at just 6.2%, highlighted a research report by the <keyword id="19938957" type="General" weightage="100" keywordseo="National-Stock-Exchange" source="keywords">National Stock Exchange</keyword> (NSE). This means that for every rupee Punjab spends, a very small portion is being allocated towards capital expenditure, which is crucial for long-term <keyword id="19971350" type="General" weightage="20" keywordseo="infrastructure-development" source="keywords">infrastructure development</keyword>. In contrast, the research showed that the states like Gujarat lead the way with a much higher ratio of 36.2%, signaling a stronger focus on capital spending that can drive future growth. "The capital-to-revenue expenditure ratio, a measure of expenditure quality, is set at 20.7 % for FY25BE, declining from 21.2 % in FY24RE. Punjab has the lowest ratio at 6.2 %, while Gujarat leads at 36.2 %" said the report. The report also highlighted that the overall, capital expenditure by Indian states is expected to moderate in FY25 after three years of strong growth. It stated that the total capital spending for the fiscal year is estimated to increase by just 6.5 % to Rs 6.5 lakh crore. This is a notable slowdown compared to the sharp 39.3 % rise in FY24, which was marked by a post-pandemic push to boost infrastructure and public projects. The capital-to-revenue expenditure ratio, a key indicator of the quality of spending, is also set to decline slightly to 20.7 %in FY25 from 21.2 %in FY24, reflecting a more cautious approach by states. At the same time, revenue expenditure, which covers recurring costs like salaries, subsidies, and interest payments, is expected to grow by 8.9 % to Rs 44.2 lakh crore. This is the slowest growth in the last four years, indicating tighter control over everyday spending. "<keyword id="23614983" type="General" weightage="20" keywordseo="committed-expenditure" source="keywords">Committed expenditure</keyword> (interest payments and pensions), on the other hand, remains high, comprising about 24 % of total revenue expenditure and consuming nearly a quarter of revenue receipts" the report added. Despite this, the report noted that a large portion of revenue expenditure remains committed to non-discretionary costs. Interest payments and pensions alone account for about 24 % of total revenue expenditure and consume nearly a quarter of the revenue receipts, limiting states' flexibility in spending. Some states are more burdened than others by this committed expenditure. Punjab, Kerala, Himachal Pradesh, and Tamil Nadu have earmarked over 35 %of their revenue receipts for these fixed costs in FY25, putting additional pressure on their finances. This leaves less room for discretionary spending and makes it harder for these states to invest in development and growth-oriented projects.

Punjab's capital expenditure lowest in FY25 at 6.2% vs highest of Gujarat at 36.2%: NSE

<ul class="summary-list"><li><a target="_blank" class="" href="https://www.businessinsider.com/whats-behind-china-luxury-goods-slowdown-economy-changing-consumer-tastes-2024-10">China's luxury slump</a> is spreading to more consumer brands.</li><li>Companies like Starbucks, Estée Lauder, and Nike have reported falling sales in the region.</li></ul>For the better part of this year, <a target="_blank" href="https://www.businessinsider.com/china-luxury-retail-sales-slowdown-brands-fashion-2024-7">China has experienced a slump</a> in the most opulent of sectors. Sales for luxury powerhouses like LVMH, Richemont, and <a target="_blank" class="" href="https://www.businessinsider.com/how-burberry-became-fashions-biggest-fail-stock-drop-ceo-ousting-2024-8">Burberry</a> have fallen in the region that once seemed to represent limitless growth for high-end goods.Now, that downturn is coming for a wider set of consumer industries. Chinese people aren't just saving on <a target="_blank" class="" href="https://www.businessinsider.com/gucci-sales-profit-reputation-falling-luxury-kering-michele-china-2024-5">Gucci</a> and cognac but also cutting back on spending on cheaper products like beer and lipstick. It's hitting Western brands particularly hard, as reflected by companies across the consumer sector reporting muted sales in China in the most recent quarter.Consumer spending in China never fully recovered after the government started lifting COVID-19 curbs in late 2022. Since then, the country has struggled with weak consumer sentiment and multiple economic challenges, including a property crisis, deflation, and high youth unemployment. China's<a target="_blank" href="https://www.businessinsider.com/china-economy-3q-gdp-growth-stock-market-stimulus-2024-10"> third-quarter GDP</a> grew 4.6% year-on-year — the slowest pace in over a year and below Beijing's growth target of around 5%.In late September, Beijing announced <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-aggressive-monetary-stimulus-interest-rate-rrr-2024-9">aggressive stimulus</a> measures to boost the economy, but analysts say much more is needed to spur and drive consumer confidence.Meanwhile, China's once-free-spending consumers are holding back and prefer to save — in cash or <a target="_blank" href="https://www.businessinsider.com/china-economy-gold-rush-consumer-spending-money-savings-starbucks-gucci-2024-5">gold.</a> Cautious spenders are also trading down to knockoffs and lower-priced or local alternatives across a range of products from beauty and fashion to travel.The prevailing zeitgeist in China is about "aiming to <a target="_blank" href="https://www.businessinsider.com/chinese-economy-young-shoppers-looking-dupes-substitutes-pingti-fashion-travel-2024-9#">live well while spending less,</a>" MingYii Lai, a strategy consultant at Beijing-based market research firm Daxue Consulting, told Business Insider in September.Last week, AB InBev, the world's largest beer producer, announced declining revenue in the region, joining rival Carlsberg in reporting disappointing results. AB InBev, which makes Budweiser, has struggled in China all year and reported a 16% sales drop in the country for the third quarter.People in China are skimping on on-trade alcohol purchases, meaning they are spending less at bars and restaurants, Spiros Malandrakis, Euromonitor's head of research in the alcohol sector, told Business Insider."There is some flexibility, but it is not entirely recession-resistant," he added.It looks like they aren't going out for coffee or burgers, either. Negative sales in China brought down McDonald's results for the third quarter. And <a target="_blank" class="" href="https://www.businessinsider.com/why-starbucks-is-struggling-in-china-sales-prices-competition-coffee-2024-8">Starbucks</a>, which announced its fourth-quarter earnings last week, saw comparable store sales fall 14% in China."All indications show me the competitive environment is extreme, the macro environment is tough," <a target="_blank" href="https://www.businessinsider.com/starbucks-ceo-to-lay-out-strategy-to-fix-coffee-chain-2024-10">Brian Niccol, the coffee giant's new CEO</a>, said about China during the company's earnings call.A similar phenomenon has arisen in fashion and beauty, where nonluxury brands are seeing consumer confidence, leading to an overall tightening of belts.Beauty brands like Estée Lauder and L'Oréal have reported worse-than-expected results in the region. Sales for the former decreased 11% in the most recent quarter, driven by mainland China, where the company noted a declining appetite for skincare. It doesn't expect recent government stimulus to help sales in the current quarter.Those results came on the heels of Nike's, which had lowered its full-year guidance over the summer, blaming China's unstable economy. The sneaker giant cited "softness" in the country, its third-largest market by revenue.Even <a target="_blank" href="https://www.businessinsider.com/apple-stock-earnings-report-call-live-updates-2024-10">Apple</a>, once bulletproof in the region, missed revenue estimates in the Greater China division.Despite the headwinds, there have been bright spots.Adidas managed to buck the trend, reporting sales up 9% in Greater China in the third quarter. Heineken, too, saw growth in the region last quarter.Sectors offering discretionary <a target="_blank" href="https://www.businessinsider.com/china-economy-lopsided-recovery-consumer-retail-spending-industrial-output-property-2024-5">"eat, drink, and play"</a> experiences outperformed the wider consumer sector in China earlier this year, though their momentum has slowed in the past few months, wrote Lynn Song, the chief economist for Greater China at ING, in an October 28 note."More consumers appear to be gravitating toward higher value-for-money options," Song wrote.

China's luxury slump is trickling down to other consumer companies

New Delhi: India is set to enter a transformative "smartphone era" for cars in 2025, with the introduction of vehicles featuring 5G M2M connectivity and advanced AI technologies, according to the latest findings from Techarc's India Connected Consumer Report 2025. The report said the automotive sector will skip 4G and will enable connectivity using the latest 5G cellular technology. It observed that consumers are interested in spending money on improving the value proposition in terms of features, quality and experience rather than exploring too many smart devices. "22 per cent of the respondents shared about considering optimising their smart devices portfolio. Among the new set of categories, smart/connected cars is generating high interest among consumers. 55 per cent of the respondents said that they have come across news or information about smart/connected cars in recent times," it said. Starting in 2025, passenger cars in India will be equipped with 5G M2M connectivity, on-device GenAI, and cloud connectivity, making advanced technologies accessible across various price segments, it added. In-vehicle computing and artificial intelligence (GenAI), along with cloud applications, will become essential components of cars, enabling real-time data processing to support drivers effectively. Most cars priced at Rs 20 lakh and above will feature these technologies as standard. The cumulative revenues from automotive chipset companies have already surpassed USD 1.5 billion, with companies like Qualcomm and MediaTek leading the market. Some of the familiar applications that consumers will be able to use while driving include communication apps for audio/video conferencing, OTT entertainment apps, music streaming, podcasts, online shopping, vehicle maintenance, and servicing. "With connectivity and the technologies it brings to the cars, the future of the automobile sector will be fundamentally determined by the auto-technologies that will influence the overall experience, performance, comfort, safety and entertainment available to the drivers as well as the passengers. "So far, such features were seen as luxury or high-end experiences. But starting 2025, many of these will become mainstream for cars in India," Techarc AutoTech Analyst Sadat Ahanger said. With 22 automobile manufacturers producing nearly 5 million passenger vehicles annually in India, the country is poised to become a leader in the global 5G M2M market within the next few years, the report said. About 21 per cent of respondents said MG Motors is the leader in providing <keyword id="24016739" type="General" weightage="20" keywordseo="connected-cars-in-India" source="keywords">connected cars in India</keyword>, followed closely by Kia Motors at 18 per cent and Tata Motors at 15 per cent, it added. Hyundai and Maruti Suzuki also ranked among the top-five brands in this category. The report draws insights from a survey of 4,500 "connected consumers" across metro and non-metro cities. The report defined a connected consumer as one owning at least 3 smart devices in addition to a smartphone.

India to shift to 'smartphone era' for cars embracing 5G, advanced AI in 2025: Report

Last Christmas, my partner's parents made an extremely generous offer: We'd been sleeping on a luxuriously cooling, king-size Zinus mattress whenever we visited, and they asked whether we wanted one of our own. The only thing we needed to do was pick a bed frame. Easy, right?Our first thought was to head to <a target="_blank" class="" href="https://www.businessinsider.com/ikea-cut-prices-deflation-red-sea-shipping-crisis-inflation-greedflation-2024-1">Ikea</a> and purchase our current bed frame in a bigger size, but it was out of stock, so <a target="_blank" class="" href="https://www.businessinsider.com/luxury-retail-ecommerce-online-sales-stores-wealth-the-realreal-2024-7">we turned to the internet</a>. Searching "wooden bedframe" on the furniture <a target="_blank" class="" href="https://www.businessinsider.com/wayfairs-opens-first-ever-physical-store-take-a-look-2024-6">e-commerce store Wayfair</a>, whose tagline is "every style, every home," yielded over 13,000 results. Amazon gave us a smaller but not particularly more manageable 6,000, with sponsored or "trending" bed frames that weren't in our price range — or made of wood at all — frequently front-loaded. The task was daunting.We spent hours at a time clicking between product pages and toggling between search parameters, but none of the options ever lined up. Eventually, buying a new bed frame began to feel like a part-time job that neither of us had time for. Almost a year later, we're still crowding into our old, sagging queen with two dogs and a cat.We aren't the only people feeling paralyzed by making a purchase: On the Reddit forum r/Mattress, person after person complains of the time they have spent navigating a maze of distinctions, like "cooling" and "ultracooling," "medium" and "medium firm," or "memory foam" and "hybrid." For some, the task of buying a mattress was too much: "<a target="_blank" href="https://www.reddit.com/r/Mattress/comments/194n1c5/the_mattress_industry_destroyed_me_emotionally/">The mattress industry destroyed me emotionally and spiritually</a>," one post read. "<a target="_blank" href="https://www.reddit.com/r/Mattress/comments/1chv833/this_is_ruining_my_life_just_tell_me_what_the/">This is ruining my life</a>," someone else wrote.It's not just big, life-altering purchases, either: In a recent <a target="_blank" href="https://www.accenture.com/us-en/insights/consulting/consumer-goods-cutting-through-noise">Accenture survey</a> of 19,000 consumers around the world, 74% of respondents said that they had abandoned an online shopping cart at least once in the past three months because they felt "bombarded by content, overwhelmed by choice and frustrated by the amount of effort they need to put in to making decisions." This inability to commit to a purchase was reported by people shopping for clothes (79%), flights (72%), and even snacks (70%).Barry Schwartz, a Swarthmore College psychology professor, famously called this the "<a target="_blank" class="" href="https://www.businessinsider.com/how-too-many-choices-are-screwing-us-up-2016-11">paradox of choice</a>": While having a wider variety of choices can initially make us happier, <a target="_blank" class="" href="https://www.businessinsider.com/how-the-paradox-of-choice-could-explain-why-youre-still-single-2018-2">the more options we have</a>, the harder it can be to choose the best one for us.Schwartz's 2006 book drew inspiration from <a target="_blank" href="https://faculty.washington.edu/jdb/345/345%20Articles/Iyengar%20%26%20Lepper%20(2000).pdf">a study</a> that found that shoppers in a grocery store were 10 times as likely to purchase jam after sampling from a display of six jam varieties than they were from a sampling of 24. <a target="_blank" class="" href="https://www.businessinsider.com/quit-social-media-online-shopping-30-days-regain-control-productivity-2024-7">Online shopping</a>, which the US Census Bureau estimates accounts for roughly 16% of all retail sales, theoretically makes it easier to find exactly what we are looking for. But it also takes the jam problem and multiplies it by several orders of magnitude: We're inundated with hundreds and thousands of choices. With so much information about those choices, it sometimes can feel impossible to go on. What's more, experts say that many of the tools we rely on to help us sift through all of this information — from product descriptions to search engines to e-commerce filters — may actually be making the process even harder.The golden age of comparison shopping isn't so golden after all.The internet changed not just how we shop but also the number of options retailers can offer. Superstores that used to be limited by their square footage <a target="_blank" class="" href="https://www.businessinsider.com/warehouse-nation-boom-ecommerce-jobs-2022-10">could now fill warehouses</a> with thousands of items that would ship straight to customers' doorsteps. As a result, the retail landscape began to lean toward larger stores with more options.Jason Goldberg, the chief commerce-strategy officer of Publicis Groupe, said "category killers" like PetSmart and <a target="_blank" class="" href="https://www.businessinsider.com/the-tumultuous-history-of-toys-r-us-photos-2020-8">Toys "R" Us</a> outcompeted the neighborhood mom-and-pop pet and toy stores of yesteryear — only to find themselves losing out to stores with even bigger inventories, such as <a target="_blank" class="" href="https://www.businessinsider.com/amazon-q3-earnings-shoppers-cheaper-items-high-frequency-good-business-2024-11">Amazon</a> and <a target="_blank" class="" href="https://www.businessinsider.com/walmart-stock-price-sam-walton-family-wealth-billionaires-retail-strategy-2024-10">Walmart</a>. "In the history of retail, businesses with larger assortments have come in, and they've won out over businesses with small assortments," he said.Shoppers, it turns out, love the convenience of the one-stop shop. But that has left us with an ever-increasing number of options. "Amazon's doing what we think the American dream is, which is, have all the choice in the world," Jessecae Marsh, a professor of psychology at Lehigh University, told me. "But choice can be paralyzing." Part of the problem, Marsh said, comes down to the way our brain makes choices. When shopping, we typically start by looking for ways to narrow down the set of choices, such as by filtering out things we can't afford or that aren't the size we want. Then we look for a reason to pick one of the remaining items over the others. "When we try to make decisions, we want a reason behind the decision," she said.This helps explain why ratings and <a target="_blank" class="" href="https://www.businessinsider.com/guides/insider-reviews-expertise-in-product-reviews">reviews</a> have become such a popular feature on online marketplaces: When we're comparing two similar items, we need to find a piece of information that breaks the tie. A higher star rating, or a slate of glowing reviews from other customers, can be enough to do the trick. The trouble is that having more information at our disposal isn't always helpful. And sometimes, it can render decision-making more difficult.In a <a target="_blank" href="https://cognitiveresearchjournal.springeropen.com/articles/10.1186/s41235-023-00509-7">series of experiments</a> testing how the presence of diagrams influenced people's ability to correctly answer questions about topics like managing body weight, Marsh and Samantha Kleinberg, a professor of computer science at the Stevens Institute of Technology, found that while some guiding information could be helpful, too much information made picking the right answer almost as difficult as if the participants had received no guiding information at all. While the study, published last year in Cognitive Research: Principles and Implications, didn't focus on shopping, their results suggested that the more information we wade through when we're trying to make a decision, the more likely we are to come across something that conflicts with our beliefs, which complicates the decision-making process."If you've tried an Oil of Olay moisturizer, and you had a reaction to it, but you're seeing website over website telling you that's the best one, you're now in a position where the information that you're getting doesn't match information that you hold in your own head," Marsh said. "That conflict is always going to be hard for people because they don't exactly know how to resolve it."It doesn't help that the tools we use to reduce overwhelm may actually make things even more daunting. Raluca Ursu, an associate professor of marketing at New York University's Leonard N. Stern School of Business, told me that tools like filtering, sorting, and using recommendations could bog us down by revealing new factors to investigate, which leads people to search more — and, <a target="_blank" href="https://www.jstor.org/stable/25674430">research has found</a>, be less satisfied with their choices. Search engines such as Google, which present options in a ranked list, <a target="_blank" href="https://journals.sagepub.com/doi/abs/10.1509/jmr.09.0481?journalCode=mrja">can also lead</a> to a "maximizer" mindset. "Consumers start to believe they can find 'the best option' out there, which can then lead to additional stress and decision paralysis," Ursu told me. The <a target="_blank" href="https://www.businessinsider.com/search-web-email-google-streaming-online-shopping-broken-2022-4">decline of Google Search</a> probably doesn't help matters, either.Ursu has studied two factors in shopping: <a target="_blank" href="https://www.anderson.ucla.edu/sites/default/files/document/2022-01/SearchGaps_UrsuZhangHonka_Dec2021.pdf">search costs and search fatigue</a>. "Search costs generally reflect the time and effort consumers require to obtain information about a product," she said via email. "How difficult is it to determine this TV's price and technical specifications?" While search costs are typically much smaller online than they are IRL, where you have to jump in a car and drive to a store, search fatigue grows when shopping online because there's more information available and more options to sift through. Ursu guessed that the most exhausting stage of shopping is comparison shopping — when people pore over minuscule details between products to find the best one.If people <a target="_blank" class="" href="https://www.businessinsider.com/online-shopping-coping-mechanism-target-pandemic-2021-3">abandon their shopping carts</a> because they get overwhelmed by search fatigue, it can come back to bite retailers. In a <a target="_blank" href="https://www.anderson.ucla.edu/sites/default/files/document/2022-01/SearchGaps_UrsuZhangHonka_Dec2021.pdf">study</a> that looked at browsing data from clothing shoppers in the Netherlands, Ursu and her fellow researchers Qianyun Zhang and Elisabeth Honka found that reducing search fatigue by half led to a slight increase in transactions. They also found that search fatigue tended to affect smaller retailers more than larger ones since people tend to spend all their energy shopping at larger stores first.In fashion, perhaps no company embodies the paradox of choice more than <a target="_blank" class="" href="https://www.businessinsider.com/stitch-fix-subscription-clothes-review-work-from-home-2021-9">Stitch Fix</a>, which launched in 2011 with a counterintuitive business model: People who didn't have the time or patience to shop could undergo a virtual consultation with one of the firm's in-house stylists, then receive a subscription box filled with a selection of items that had been handpicked for them. It worked: By 2017, the company had gone public at a valuation of $1.4 billion, only to surge to a $11 billion market cap in early 2021, when many customers were holed up at home."Having someone do that front-loaded effort, that seems really valuable," Marsh said. It's the same thing we would do by bringing a contractor into a house to ask, "What are the options here to expand this bathroom?" After lockdowns ended, the company decided to introduce an option where customers could shop for individual items from categories like "jeans," "Lauren Ralph Lauren," and "workwear under $80." But since that pivot away from its core business, <a target="_blank" class="" href="https://www.businessinsider.com/stitch-fix-stylists-say-role-company-is-losing-flexibility-2021-8">the company has been losing customers</a> every year. Today, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/sfix-stock">Stitch Fix is valued at $400 million</a>, just a fraction of its market cap at its 2017 initial public offering. Goldberg, the chief commerce-strategy officer, said it's possible that the company's struggles are due to macro factors, like subscription fatigue and a sales slowdown in the clothes business. "Twenty years ago, you spent 6% of your budget on clothes; today, you spend 3% of your budget on clothes," he said. "People used to buy Stitch Fix for clothes to wear to work. You know what people don't do anymore?" Still, the company's decline raises an important point about the value of curation.Short of changing their business models, companies can make things easier on shoppers by simplifying their site designs, reducing friction during checkout, and keeping extraneous information to a minimum. Offering shoppers more personalized search results is another big piece of the puzzle, and the experts I spoke to say <a target="_blank" class="" href="https://www.businessinsider.com/how-amazon-is-using-ai-from-rufus-to-movie-recommendations-2024-7">artificial intelligence may be able to help us</a> winnow our choices down — that's the guiding idea behind <a target="_blank" class="" href="https://www.businessinsider.com/what-amazon-ai-shopping-assistant-rufus-is-like-2024-7">Rufus, a new conversational chatbot</a> from Amazon that answers questions and makes product recommendations. Of course, there's the danger AI <a target="_blank" href="https://www.businessinsider.com/ai-scam-spam-hacking-ruining-internet-chatgpt-privacy-misinformation-2023-8">will overwhelm us with spam and slop</a> first.As Marsh sees it, though, the most important thing is shoppers getting to a place where they're dealing with fewer options, even if they believe that more is better. "Whatever people think they want, they should have something a little bit less than that," she said. Marsh recommended researching a category and figuring out what product attributes matter most to you before you start shopping. She also suggested turning the decision over to <a target="_blank" class="" href="https://www.businessinsider.com/guides">a consumer guide</a>, a retailer quiz, or someone who has tried a product before you. Many people already do this with<a target="_blank" class="" href="https://www.businessinsider.com/gen-z-luxury-perfume-obsession-tiktok-fragrance-teen-boys-branding-2024-10"> beauty influencers</a>: If you have a similar skin or hair type to someone, seeing what works and what doesn't for them can help narrow down your choices.Still, deciding what to buy can be excruciating — even for people who study decision-making for a living. Recently, after an "extremely overwhelming" experience selecting a bed frame for her own house on Wayfair, Marsh said she realized she was going to need a new rug. "I started looking through the options, and I was like, 'I just can't,'" she told me. "We're going to have to go to a store. I just can't do it again."<a target="_blank" rel="" href="https://www.businessinsider.com/author/emilie-friedlander">Emilie Friedlander</a> is a journalist and editor from Brooklyn, currently based in Philadelphia. She co-hosts <a target="_blank" rel=" nofollow" href="https://theculturejournalist.substack.com/">The Culture Journalist</a>, a podcast about culture in the age of platforms.

'I just can't': Why so many consumers are sick and tired of online shopping

<ul class="summary-list"><li>Luxury sales in Japan surged due to a weakened yen and increased tourist spending.</li><li>The luxury industry faced a decline in China, making Japan's market growth crucial.</li></ul>If you were looking to shop luxury in <a target="_blank" class="" href="https://www.businessinsider.com/japan-airlines-free-flights-initiative-could-backfire-experts-2024-10">Japan this summer</a>, you had to get in line.According to Amrita Banta, managing director of luxury insights firm Agility Research &amp; Strategy, luxury stores started admitting customers by appointment only to cope with the meleé of <a target="_blank" class="" href="https://www.businessinsider.com/things-american-wishes-she-knew-before-visiting-japan-mistakes-2024-9">tourists</a> flocking to Japan to take advantage of the <a target="_blank" class="" href="https://www.businessinsider.com/japan-weak-currency-yen-boosts-foreign-tourism-luxury-purchases-travel-2024-4">weakened yen</a> and cheaper prices on high-end products.The sales surge in Japan has been a much-needed boost for the luxury industry, which has been hard hit by <a target="_blank" class="" href="https://www.businessinsider.com/whats-behind-china-luxury-goods-slowdown-economy-changing-consumer-tastes-2024-10">a drop in demand in China</a>.In the second quarter of 2024, LVMH's sales in Japan were up 57%, far outpacing its other markets. Gucci owner Kering also saw a 27% uptick in sales in Japan in Q2, while its sales plunged in other markets.<div type="image" title="Shibuya Shopping District, Tokyo, Japan" height="3600" width="5400" msid="114913669" hostid="261" sizebytes="2019376"></div>But in Q3, both LVMH and Kering reported a slowdown in luxury spending in Japan.A mix of the strengthened yen due to Japanese government intervention and economic uncertainty abroad appears to have slowed Japan's shopping boom.Still, while the tourist spending may have faded somewhat, experts say Japanese consumers are emerging from a frugal era and spending on luxury themselves."There's a lot of optimism about Japan in the market," Jelena Sokolova, a luxury analyst at Morningstar, told BI.A combination of wage increases and the strengthening of the yen is driving consumer spending confidence in Japan, Daniel Langer, CEO of brand development and strategy firm Équité and a Pepperdine University luxury professor, told BI over email.But the Japanese aren't just splashing their cash anywhere — a bitter pill for some luxury brands to swallow.<h2 id="493fbccc-5f4a-41a5-8130-deff4524ff2f">Low-key luxury aligns with Japanese values</h2><a target="_blank" class="" href="https://www.businessinsider.com/hermes-escapes-luxury-industry-slump-lvmh-kering-struggle-2024-10">Hermès</a> is one example of a brand that continues to report strong momentum in Japan.This is partly because its image is in sync with core Japanese values, Martin Roll, global business strategist and senior advisor at consulting giant McKinsey, told BI.Consistency, craftsmanship, and "quality over loud branding" — attributes <a target="_blank" class="" href="https://www.businessinsider.com/hermes-became-ultimate-status-symbol-2024-2">the Birkin bag maker</a> is known for — align with "Japanese consumers' desire for subtle luxury that conveys a sense of heritage and exclusivity without overt showiness," he said."Hermès and similar brands appeal here because they prioritize quality, subtlety, and minimalism over ostentation, which is key to succeeding in the Japanese luxury space," Roll said.<h2 id="a1d7bb15-45d8-46a7-ae5e-65b8f931680d">The nuances of a Japanese audience</h2>While trend-forward brands have historically done well in regions like India and China with younger populations, "Japan is more of a stable, mature market," Banta said, especially given the country's <a target="_blank" class="" href="https://www.businessinsider.com/japan-company-shifts-adult-diapers-due-low-birth-rates-babies-2024-3">aging population</a>.Banta said brands like Prada, Louis Vuitton, and Hermès, which have long been seen as epitomizing luxury and have select products with cult followings, will maintain momentum with locals.Still, the young, affluent Japanese consumers — while more likely to self-indulge — retain many of the same values as their elders, Roll said."This group is more willing to invest in high-quality goods that blend tradition with modern self-indulgence, appreciating brands that offer a sophisticated but not overtly showy luxury experience," Roll added.<div type="image" title="The Chanel Store in Tokyo's Ginza district." height="853" width="1280" msid="114913672" hostid="261" sizebytes="149866"></div>Luxury brands that didn't participate in <a target="_blank" class="" href="https://www.businessinsider.com/recession-economic-outlook-greedflation-inflation-corporate-earnings-slowdown-societe-generale-2024-1">"greedflation"</a> and hiked prices after the pandemic have also fostered trust with Japanese consumers, Langer said.Although Japan has always been an important market for luxury brands, it was eclipsed by China as the world's largest in the early 2010s.But now that China is seemingly no longer the luxury cash cow it once was, brands looking to pivot their attention back to Japan will have to double down on respecting and understanding the locals."Cultural capital is the name of the game in today's world," Langer said."Brands need to be able to inspire Japanese audiences, and this means giving them something they desire," he added. "Brand storytelling, timelessness, and meticulous quality are critical in this market."

Japanese shoppers are entering their spending era. Not all luxury brands stand to benefit.

<ul class="summary-list"><li>China's KFC and Pizza Hut CEO said that she sits and watches her customers eat.</li><li>This is one way she gains important consumer behavior insights, she said at a Fortune conference.</li></ul>Joey Wat, the head of KFC and Pizza Hut in China, has an unusual approach to designing new products: She sits in restaurants for hours, watching her customers eat.Wat is the CEO of Yum China, the company that owns KFC, Taco Bell, <a target="_blank" class="" href="https://www.businessinsider.com/china-pizza-hut-durian-yum-import-fruit-2024-11">Pizza Hut</a>, and other fast-food brands in the country.Speaking at the 2024 <a target="_blank" class="" href="https://fortune.com/2024/11/17/the-ceo-of-kfc-and-taco-bell-china-sits-for-hours-and-watches-customers-eat-its-led-to-popular-menu-items/">Fortune</a> Global Forum, which was held in New York City last week, Wat said that she stakes out Yum China restaurants and spends "two, three hours" watching people eat. That time leads to new product ideas, like KFC China's "mash potato burger.""So apparently, when kids eat the fried chicken, they eat it with the mashed potato," she said to Fortune, explaining that Gen Z diners dipped their fried chicken into mashed potatoes and then into the gravy."What we can do with that insight is get rid of the bone," she added saying that this made them launch the boneless "mash potato burger" in China."Just watch with heart," Wat added to Fortune. "Some things you can observe directly from the customer and sometimes talking to the store manager helps."According to Yum China, KFC is China's <a target="_blank" href="https://www.businessinsider.com/most-popular-fast-food-chain-in-china-kfc-photos-2018-4">most popular fast-food chain</a>, with over 11,000 outlets in the country.Wat is <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-mark-zuckerberg-tim-cook-ceos-unusual-habits-routines-2024-4">not the only CEO</a> who swears by going onto the shop floor.Walmart founder Sam Walton, an experienced pilot, used to <a target="_blank" class="" href="https://www.businessinsider.com/walmart-founder-sam-walton-store-visits-plane-2024-10">travel the country in a small private plane</a> and sometimes visited different cities on random visits to inspect stores.Starbucks' former CEO Laxman Narasimhan, during his short stint as the company's head, went through barista training and said in a memo to staff in March that he would <a target="_blank" class="" href="https://www.businessinsider.com/starbucks-ceo-laxman-narasimhan-first-annual-letter-to-staff">work behind the counter</a> for half a day monthly. Starbucks' new CEO said he also <a target="_blank" class="" href="https://www.businessinsider.com/starbucks-new-ceo-wants-customers-spend-more-time-coffee-chain-2024-9">plans to spend time</a> in stores.Whole Foods CEO Jason Buechel visits the supermarket "at least twice a day, every single day," Fortune <a target="_blank" class="" href="https://fortune.com/2024/08/15/whole-foods-markets-ceo-grocery-shops-at-least-14-times-a-week-even-on-vacation-im-probably-very-abnormal/?queryly=related_article">reported</a> in August.A self-proclaimed "foodie," Buechel told Fortune that he usually checks out the cheeses and salad bar and likes to pick up new products to try out different recipes.Fortune reported that his twice-a-day shopping even extends to vacation. Buechel's office is located above Whole Foods' flagship store in Austin.And Bernard Arnault, the founder and chairman of French luxury giant LVMH, visits the stores of his group's brands, such as Celine, Louis Vuitton, Christian Dior, and Tiffany &amp; Co., on Saturdays.He makes detailed notes of any issues he sees in the stores, his son Alexandre Arnault said to <a target="_blank" class="" href="https://www.bloomberg.com/features/2024-lvmh-bernard-arnault/">Bloomberg</a> in June.Representatives of Yum China didn't respond to a request for comment from Business Insider.

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