Corporate executives quietly acknowledge what millions of Americans are already feeling: Trump’s economy is squeezing low- and middle-income families, while corporations enjoy record profits and the wealthy continue to thrive.
Consumer expectations indicators point in the same direction. University of Michigan Index Consumer sentiment Confidence fell in almost every demographic group last November — by age, income and political leanings — except for those with the largest stock portfolios, whose confidence jumped 11%. Likewise, the consumer trust Data from the Conference Board showed that confidence fell among Americans earning less than $75,000, and increased the most among those earning more than $200,000 — a clear sign that ordinary Americans are becoming more concerned about their finances, having to spend less just to survive as the crisis continues. K-shaped economy Deepen.
Key excerpts
Food and beverage industry
scott Boatwright, Chipotle CEO and Director He said During the Q3 2025 earnings call: “Earlier this year, as consumer sentiment declined sharply, we saw a broad decline in frequency across all income groups. Since then, the gap has widened, with lower- and middle-income guests further reducing frequency.” He continued, “The economists we’ve talked to over the last few quarters, for example, the fourth quarter and the first quarter [are] It will likely be the most difficult for the consumer. Specifically the group worth under $100,000. The group that faces special challenges is the age group from 25 to 35 years […] This group faces several headwinds, including unemployment, increased student loan repayments, and slowing real wage growth.
coca cola’Q Executive Vice President and Chief Operating Officer Henrique Braun male During Q3 2025 earnings we call that “When we look from a consumer perspective, we still see disparities in spending between income groups. The pressure on middle- and lower-income consumers is still there.”
Planetary Brands (makers of Modelo and Corona beers) CEO William Newlands He said Participants at the 18th Annual Barclays Global Consumer Goods Conference 2025 “The Spanish consumer is very concerned at the moment. 80% are concerned about social and economic factors, and 75% are concerned about their personal finances. “This means that their shopping behavior has changed.”
General Mills Dana McNab, Head of North America and North America Retail Group He said During an Investor Day meeting that “the consumer is still adjusting to this once-in-a-lifetime inflationary period and trying to find their footing…They are nervous“Jeffrey Harmening, CEO of General Mills, continued by pointing out this “The combination of the length of inflation that we’ve had and inflation is still running close to or ahead of wage growth. So if you’re making $200,000 a year or less, you’re really feeling that even today.”
Kraft Heinz CEO and Director Carlos Abrams Rivera explained this in a Q3 2025 earnings call Saying That “the fact that we now have one of The worst consumer sentiment we’ve seen in decades…It’s a unique moment right now where this is ramping up — consumer negativity and sentiment is extending longer than we originally expected.”
Jack Sinclair, CEO and director of the grocery store chain Sprott Farmers Market He said “From a consumer pressure perspective, I mean, I think this is building… a little bit more in the low- and middle-income kind of what you’re reading about and what you’re hearing,” contributors point out in Q3 2025 earnings. […] Middle-income commercial areas, younger demographics…it’s more pronounced in those areas, but I think the pressure is there for everyone And everyone is trying to figure out how to manage this in a dynamic environment.
Dirk van de Put, Chairman and CEO Mondelez (makers of Oreo cookies, Hall’s cough drops, and Wheaties) He said In their Q3 2025 earnings call, while their clients “Generally very concerned about the economy, and frustrated with the prices they see,Mondelez’s seasonal products allow the company to charge higher prices because “the consumer is not clear on the right price point and also tends to pay a little more.”
Travel industry
American Airlines Steve Johnson, Chief Strategy Officer He said In its third-quarter earnings report, it stated that “approximately 50% of our ticket revenue comes from premiums,” and as a result the airline plans to add additional premium seats to its fleet.
On the third quarter earnings call, Scott Kirby, United Airlines‘ CEO described How economic pressure is “bleeding demand at the lower end” making more seats available to brand-loyal customers.
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