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Cost of living crisis? Consumers keep spending for now

Consumer-focused firms are seeing no shortage of demand despite the soaring cost-of-living, prompting several to upgrade sales forecasts for the current year, though questions remain about how long that will last.

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While some consumers are shielding themselves from price hikes by trading down to own label products, enough are spending more for McDonalds to risk lifting the price of a cheeseburger in Britain for the first time in fourteen years on Wednesday. "Companies will raise prices if and when they feel consumers are willing and able to pay them," said Nuveen's Chief Investment Strategist, Brian Nick, "It's become harder to do this in 2022 as wage growth slows and excess savings fall."