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CCTV Script 26/10/22

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CCTV Script 26/10/22


— This is the script of CNBC’s financial news report for China’s CCTV on October 26, 2022.

We are seeing a decline in US consumer confidence due to inflationary pressures and concerns about the economic outlook.

According to the latest survey data from The Conference Board, US consumer confidence fell to 102.5 in October from 107.8 in September. This marked the first decline in nearly three months.

Steve Odland, CEO of The Conference Board

“People are feeling worse this month than they did over the past couple of months about their situation. It ties directly to how they’re feeling about their job security, and how they’re feeling about inflation.”

And many retail companies, in their latest earnings season, said they had noticed shoppers spending less due to price pressures.

For example, consumer goods giant Procter & Gamble has been raising the prices of its products to ease cost pressures, but this strategy has already had an impact on consumer shopping behavior. In the past two fiscal quarters, P&G’s sales have shrunk.

In addition, home appliance maker Whirlpool’s third-quarter sales and profits fell short of Wall Street’s expectations, while the company also cut its full-year profit guidance. Whirlpool’s CEO said: consumer demand has fallen sharply due to an increasingly uncertain macroeconomic outlook, coupled with high inflation.

Economists expect US personal consumption expenditures, adjusted for inflation, to grow at an annualized rate of perhaps just 1% in the third quarter, the lowest rate of growth since the new crown epidemic in early 2020 and half the rate of growth in the previous quarter .

Inflation-adjusted personal consumption is expected to have grown by just 1% annualized in the third quarter, the weakest pace since the first quarter of the pandemic according to economists’ expectation.

This trend is known as “demand destruction”. Economists also expect that by the end of the year, American consumer spending may be in the doldrums, which is not good news for the end of the holiday season.

Steve Odland, CEO of The Conference Board

“So they’re feeling nervous, you don’t want nervous consumers to be going into the holiday season, because this is the biggest component of retail sales for And as we all know, this is a you know, the biggest component of our GDP.”

Not only in the United States, but also in Europe, consumers are tightening their wallets. According to a new survey by market research firm IRI, in Europe, 58% of respondents are spending less on necessities, 51% are taking out less, 47% are eating out less, and another 35% are using personal savings and loans to pay their bills.

This IRI report covers 14 major global markets, including Europe, the US and Asia Pacific. The survey found that consumers in many parts of the world are returning to the “frugal shopping” that was common in the 1970s and 1980s. Examples include bringing their own lunches, buying discounted or even expired foods, and going to multiple supermarkets to compare prices and buy the cheapest items.

Some marketers have analyzed the price wars that have emerged between companies to ensure sales, which may be inevitable.

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