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You should hear what the companies you’re loyal to are saying about you

It's almost like we're nothing but revenue to them.

With earnings season mostly in the bag, executives’ comments on pricing decisions — whether they’ve been able to continue pushing through hikes like they have in recent years, or whether they’ve been forced to retreat by recalcitrant consumers — have provided some of the most interesting color on the current state of the economy.

Companies often talk to their investors as if customers are just another moving piece of the business, but it’s especially noticeable with consumer behavior seemingly at a crossroads. Of course, how much consumers cut back demand in response to price increases — a concept known as elasticity — depends a lot on the industry and market the company is focused on.

Here’s what executives have been saying about consumers in recent weeks.

Hold onto your wallet in Vegas

Thomas R. Reeg, CEO of Caesars Entertainment: “We've not seen a lot of elasticity when it comes to pricing in Vegas. So we have continued to take price kind of across the board, not just rooms, restaurants, ATM, fees, pool, cabanas. There's just a massive amount of demand for Vegas.”

Starbucks Rewards members are getting deals

Rachel Ruggeri, CFO of Starbucks: “The majority of our promotional efforts were focused on driving growth in our Starbucks Rewards membership because we know that those members tend to increase their value for us over the lifetime. It's a more efficient way for us to promote.”

Upstate New York loves the $5 meal deal

Joe Erlinger, president of McDonald’s USA: “In Upstate New York, which has already had the deal, trial and participation rates actually doubled.”

Don’t expect cheaper auto parts

Brad Beckham, CEO, O'Reilly Automotive: “We're going to continue to invest in all the strategic initiatives, but don't feel like there's another round of price initiative necessary.”

Prices for cruises are still rising

Jason Liberty, CEO, Royal Caribbean: “All the yield improvement that you're seeing in Q3 and Q4 is really being driven by price. And so I think it's a really strong indication that not only the willingness to pay more, but these prices continue to increase.”

Rural shoppers are plumb tuckered out

Harry Lawton III, CEO, Tractor Supply: “Consumer spending on goods appears to be fatigued across income cohorts.”

Burrito lovers can breathe easy

John Hartung, CFO, Chipotle Mexican Grill: “Right now, we have no plans for further pricing. I mean, we'll look at how the rest of the next few months unfold...But it'd be great to not have to take any price for the rest of this year.”

Ford wants you to buy smaller EVs

James Farley, CEO, Ford Motor: “We believe smaller, more affordable vehicles are the way to go for EV in volume. Why? Because the math is completely different than [internal combustion engines]. In [internal combustion engines], a business we've been in for 120 years, the bigger the vehicle, the higher the margin. But it's exactly the opposite for EVs. The larger the vehicle, the bigger the battery, the more pressure on margin because customers will not pay a premium for those larger batteries.”

Clorox’s previous price hikes are sticking

Linda Rendle, CEO, Clorox: “We see no signs right now where we're panicked. We see categories that continue to be resilient, consumers looking for value. Pricing is holding in the marketplace, which is great after taking those multiple rounds of pricing.”

Chocolate might get more expensive

Michele Buck, CEO, Hershey: “We have experienced historic cocoa prices for some period of time now...absorbed a lot of inflation already, but we do believe we need to pass some of it on.”

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Sony is reportedly considering pushing the PlayStation 6 to 2028 or 2029 as AI RAM demand squeezes consumer electronics

AI’s ongoing need for more memory chips, which some are referring to as “RAMmageddon,” is reportedly shifting Sony’s plans for its next PlayStation console.

According to reporting by Bloomberg, the company is weighing a delay of the PS6 to 2028 or 2029 — a pivot from the company’s typical six- to seven-year console life cycle.

Memory costs could also result in Nintendo hiking the price of the Switch 2, per the report.

The report is part of a larger trend of AI demand impacting consumer electronics, including gaming equipment. Earlier this month, reports said that Nvidia will not release a new gaming graphics chip this year — a first. Steam owner Valve delayed its forthcoming Steam Machine console, and its popular Steam Deck handheld is currently unavailable for purchase in the US. Per Valve’s website: “Steam Deck OLED may be out-of-stock intermittently in some regions due to memory and storage shortages.”

Amid the AI memory squeeze, gaming stocks have also experienced major recent sell-offs following the release of Google’s AI interactive world-generation tool, Project Genie.

Memory costs could also result in Nintendo hiking the price of the Switch 2, per the report.

The report is part of a larger trend of AI demand impacting consumer electronics, including gaming equipment. Earlier this month, reports said that Nvidia will not release a new gaming graphics chip this year — a first. Steam owner Valve delayed its forthcoming Steam Machine console, and its popular Steam Deck handheld is currently unavailable for purchase in the US. Per Valve’s website: “Steam Deck OLED may be out-of-stock intermittently in some regions due to memory and storage shortages.”

Amid the AI memory squeeze, gaming stocks have also experienced major recent sell-offs following the release of Google’s AI interactive world-generation tool, Project Genie.

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Video game experts say Google’s Project Genie isn’t an industry killer. Investors don’t seem convinced.

Analysts and company execs are trying to dispel fears around AI’s impact on gaming, but Wall Street is still wary.

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Rivian just had its best day ever on the stock market, after more than 4 years of pain

The EV maker’s software division helped power a strong Q4, as industry giants pump the brakes on their electric ambitions.

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