CREAKY CONSUMERS

Are lower-income consumers buckling? PepsiCo cut full-year guidance citing reduced consumer spending, Chipotle saw 25Q1 same-store sales fall for the first time since 2020. P&G says detergent purchases have declined while retail-card issuer Synchrony is tightening lending standards. Most airlines have pulled 2025 guidance, and Southwest is slashing capacity after saying the domestic airline industry has entered recession. Lodging saw revenues decline in March. No Tide, no Doritos, no good.