Unwrapped and in demand

Question: How are the consumer and retail sectors expected to perform this holiday season?

Barbara Miller: As we think about performance during this upcoming holiday season, on the consumer side, we've seen year to date particular strength in experiences; travel, restaurants and in areas such as athleisure because people have become more active. And we continue to see opportunity there going into the holiday season. Where we've seen weakness is in areas that are particularly related to big ticket purchases, given that interest rates have gone up so much, whether it's in home improvement appliances and the like. And we would continue to see some restraint there. On the retail side, we also have seen strength in discount and off-price sectors where consumers get the most value and we would expect to see that continue into the holiday season.