Big shift for the American consumer: away from buying things, period (restaurant, iPhones, Netflix, Spotify).

Still, all retailers are fighting another big shift for the American consumer: away from buying things, period.

“The big issue is what are consumers spending money on?” Mr. Lejuez of Citi said. “They’re spending it to eat out, they’re spending it on iPhones, on Netflix and Spotify,” he said.

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