McDonald's, 3M Executives Sound the Alarm: Consumers Feel the Pinch of Higher Prices

Executives from McDonald's, 3M, and other large companies warned that consumers feel the pinch of higher prices. McDonald's CEO said consumers are more discriminating with spending due to elevated day-to-day costs. 3M saw "continued softness" in discretionary consumer spending. Pay is up, but high prices are biting into extra income, and low-income consumers feel the most impact. Persistent inflation has negatively impacted American consumer confidence, which reached its lowest point since mid-2022 in April due to ongoing concerns about high prices.