Consumers are tightening their wallets and are concerned about the prospect of a recession; that was evident in a recent proprietary survey regarding the U.S. Online Shopper, undertaken by investment bank Evercore. Firm analyst Mark Mahaney notes that 58% of consumers said they believe their retail spend over the next 6–12 months will drop while only 8% anticipate their spend will rise. 34% believe it will stay the same. More than 90% believe a recession could be on the way. Of these, 54% think the odds of a recession are “very likely” while 37% believe it is “somewhat likely.” This is obviously bad news for e-commerce giant Amazon (AMZN).
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