‘A little numb’ to tariffs and ‘very resilient’: How CEOs are describing American consumers

Another earnings season has kicked off, and that means CEOs are providing their perspectives on consumer spending.

They’re also talking about the broader economic environment, which has improved but remains uncertain in many respects.

Here’s what CEOs are saying so far as the earnings season kicks into full gear.

Delta CEO Ed Bastian sees an “incredibly stable” environment

Delta reinstated its 2025 profit outlook, a sign that dovetails with CEO Ed Bastian’s view that the current environment is “incredibly stable.”

Consumers, Bastisan told Bloomberg, have become “a little numb” to headlines about trade wars.

Bookings are not where Delta forecast they would be at the start of the year, but they have stabilized.

“People are still traveling,” Bastian told CNBC. “What they’ve done is they’ve shifted their booking patterns a little bit. They’re holding off making plans until they’re a little closer in to their travel dates. And so that’s shifted some of our bookings and yield management strategies.”

Ralph Lauren CEO Patrice Louvet sees “resilient” consumers

Tariffs may be in fashion, but that hasn’t dampened demand, Ralph Lauren CEO Patrice Louvet said.

“Our core consumers are actually still very resilient,” Louvet said. “When you look at the part of our lineup that is responding really nicely right now, it’s our core products.”

ConAgra CEO Sean Connolly sees consumers under pressure

ConAgra CEO Sean Connolly says inflation is still affecting his company’s bottom line. Its persistence means consumers are being forced to adjust, too.

“Consumer sentiment remains under pressure,” Connolly said in recorded remarks before the food and snack company’s earnings call. “The cumulative impact of inflation and economic uncertainty has led to value-seeking behaviors becoming even more pronounced.”

Carmax CEO Bill Nash sees “less stressed” consumers

Carmax CEO Bill Nash says consumers are “less stressed,” but that doesn’t mean there’s a fully optimistic outlook.

“I would say from a consumer sentiment standpoint, they’re probably a little less positive about the future, but I don’t think it necessarily showed up so much in the buying habits at this point,” Nash said on Carmax’s earnings call.

Kroger CEO Ron Sargent sees cautious consumers

Kroger CEO Ron Sargent said consumer confidence remains down. In an uncertain environment, he said, shoppers are looking for deals.

“I think in terms of the consumer, we expect the consumer to remain cautious throughout the year,” Sargent said on Kroger’s earnings call. “And we’re responding to that with simpler promotions, coupons, lower prices, and a lot of on-brand choices.”

Sargent said Kroger continues to see more consumers shop at the store versus opt for a night out.

“They’re making more frequent trips to the store,” he said. “The average basket is less. When you look at spend in total, I think it’s been very stable.”

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