Americans are expressing the most pessimism about the economy since the early months of the COVID-19 pandemic, and major companies are responding by slashing financial forecasts. According to The Conference Board, consumer confidence fell for the fifth consecutive month in April, hitting its lowest point since May 2020.
President Trump‘s tariff policies have contributed to rising anxiety, particularly among low- and middle-income consumers. Executives at McDonald’s, PepsiCo, Procter & Gamble, and others have flagged declining spending trends. McDonald’s posted a 3.6% drop in same-store U.S. sales—the worst since 2020—while Chipotle and Domino’s also reported declining demand.
PepsiCo and Kimberly-Clark have lowered profit forecasts, citing tariff-related costs and shifting consumer behavior. P&G said shoppers are cutting back on essentials like detergent, while Colgate-Palmolive noted reduced pantry stocking. Still, Kimberly-Clark announced over $2 billion in U.S. investments, aligned with Trump’s push for domestic manufacturing.
Corporate leaders warn that tariff-driven uncertainty, inflation, and economic volatility are dampening consumer sentiment—and, in turn, business expectations.
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