Friday, October 24, 2008

Paychecks Being Rushed to Buy Baby Formula

If this doesn't scare you, I have no idea what will. Thanks goes to Jody.

http://www.reuters.com/article/domesticNews/idUSTRE49K94K20081021

Wal-Mart Stores Inc's U.S. customers, increasingly worried about their own financial security, are waiting until they get their paychecks to buy even the most basic necessities, the retailer's U.S. division head said on Tuesday.

and

And, in a "disturbing" trend, Castro-Wright said Wal-Mart for the first time is seeing a paycheck-related spike in sales of baby formula, suggesting consumers are rushing to buy such necessities as soon as they have the cash.

and

On Tuesday he said that many consumers have "maxed out. Credit card limits don't allow them to use credit."

1 comment:

Mikey said...

Wally Mart is so low end that nothing there would surprise/scare me.

This was eye opening:
"Volvo said it received 115 order bookings for heavy trucks in Europe in the quarter, down from 41,970 trucks a year earlier. http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a_MlLf33J7Jw