Consumer
Consumers Shift Spending to Pay for Basic Staples, Citi CFO Says
- Net credit losses rise in bank’s consumer credit-card business
- Mason sees investment-banking fees up 20% in the third quarter
Investors are closely watching consumer spending as a factor in predicting how the Federal Reserve will choose to cut interest rates.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Credit losses are rising as US consumers shift spending to basic needs and away from purchases that aren’t vital, according to Citigroup Inc. Chief Financial Officer Mark Mason.
“The nature of spend is evolving,” Mason said at a conference hosted by Barclays Plc Monday. “It’s going from discretionary to a more staple-type spend.”