The news: Circle reported $658 million in total revenues and reserve income in its first quarterly earnings as a public company, amounting to 53% growth YoY. USDC in circulation also jumped 90% YoY to 61.3 billion by the end of the quarter. Net losses hit $482 million, which largely accounted for IPO-related non-cash charges totalling $591 million. Our take: Circle’s early mover status and the newly passed GENIUS Act are working in the stablecoin issuer’s favor. Circle anticipates a 40% annual compound growth rate for USDC. If it can establish the most efficient and easy-to-use infrastructure for the nascent stablecoin industry, it can garner lasting loyalty from financial institutions.
The news: Klarna, Affirm, and Zip will be available as autofill payment options through Google Pay on Chrome for cart sizes of $35 or more. Our take: Increasing the ease and availability of a payment method for US consumers can increase volume for BNPL providers and Google.
The news: Revolving consumer credit growth has been negative for two months, per Federal Reserve Board data. Annualized revolving credit growth declined 3.5% in May and 1% in June. A year ago, annualized revolving credit growth stood at 6.15% in May and -0.92% in June. Our take: In the face of uncertainty, consumers are wary of spending unless they feel incentivized to change their behavior, especially as tariff-related pressures increase.
More Amazon Prime shoppers purchase groceries from Walmart than from the ecommerce retailer, according to Coresight Research data reported by Grocery Dive. While grocery is a hugely important category for Amazon to conquer, its efforts so far have been hampered by a complex ecosystem. The retailer’s attempts to unify that system could result in a more seamless experience for shoppers, while its fast delivery capabilities could make it a more appealing place to shop for perishables.
Quick-service restaurants (QSRs) are no longer seen primarily as budget-friendly dining. Just 14% of consumers view them as a good value, while nearly a quarter (23%) now consider them a treat or reward, per consumer insights platform Zappi. That’s a notable shift for a category long associated with affordability. That helps explain why nearly a third (31%) of US adults have cut back spending on fast food. As inflation erodes fast food’s traditional value proposition, QSRs must sharpen their brand strategy or risk alienating diners. Brands that lean into indulgence and novelty can help position meals as a “treat,” while doubling down on affordability with compelling promotions and budget-friendly meal deals can reengage price-sensitive consumers.
A key inflation gauge that excludes food and energy prices picked up in July, suggesting tariff-related cost increases are being passed along to consumers. Core CPI, which strips out energy and food, rose 3.1% YoY, up from 2.9% in June. On a monthly basis, that closely watched measure rose 0.3%, the highest increase since January and up from June’s 0.2% advance. Retailers and producers are exhausting their early strategies to shield consumers and will need to plan for sustained cost pressures. Some strategies retailers can take on include negotiating with suppliers on cost-cutting measures or the use of lower-cost materials, exploring investments in onshoring production to avoid tariffs, and increasing D2C sales in a bid to improve profit margins.
Swiss footwear company On posted raised its full-year sales and gross margin outlook, citing broad-based geographical strength as Gen Z consumers scoop up its premium-priced athletic shoes.
Some students have already started their school year, but the back-to-school shopping season is far from over. In fact, over a third (34%) of families begin their back-to-school shopping in August, according to recent data from ad platform gumgum.
For advertisers, the increasing fragmentation within the search landscape can be quite frustrating and challenging. “But for consumers it feels like ease and convenience," said our analyst Sarah Marzano on a recent episode of "Behind the Numbers." "We're able to conduct product searches wherever we're spending time and go on a journey that's tailored to the mindset we're in."
Target’s protracted slump is hurting employee morale as workers worry the retailer is falling behind. Roughly half of respondents to a companywide survey don’t think Target is making necessary changes to compete effectively, The Wall Street Journal reported, while 40% said they lack confidence in the retailer’s future. After 10 quarters of flat or declining sales, Target is in dire need of a shakeup.
Cutting back is easier said than done. 72% of consumers made an unplanned discretionary purchase in the past month—even as 69% say they intend to cut back or maintain current levels of nonessential spending, per an Optimum Retailing consumer survey. Tried-and-true strategies like spotlighting limited-time deals, using eye-catching displays, and cross-merchandising essentials with related products continue to drive results—even when shoppers say they’re cutting back.
Over half (56%) of US adults commonly purchase private label grocery/food and beverage products, the most popular category of private label purchased, according to April 2025 data from First Insight.
Saks Global has yet to make good on its pledge to resume payments to vendors, per Retail Dive, despite CEO Marc Metrick’s promise to tackle overdue balances starting in July. Saks’ acquisition of Neiman Marcus is looking increasingly like a costly misstep. The current environment is unfavorable to both luxury and department stores, as shoppers prioritize retailers and goods that deliver value. With numerous headwinds working against it, Saks will need to find a way to woo big spenders and reassure vendors—and investors—that it has the funds to cover its obligations.
Companies are beginning to feel the sting of anti-US boycotts. Anti-US sentiment is especially visible in Canada, where consumers are directing more spending to local retailers and brands—and making fewer visits south of the border. Still, while Canadians are using boycotts to push back against US trade policy, there are few signs elsewhere that anti-American sentiment is driving shoppers away from US brands.
Pinterest reported a breakout Q2 2025 with $998 million in revenue, up 17% YoY—beating guidance and analyst expectations. Monthly active users hit an all-time high of 578 million, with profitability improving and ARPU rising globally. Gains were driven by GenAI tools like auto-collages, stronger commerce integration via Instacart, and a lean ad tech approach powered by Magnite. Pinterest’s ad business continues to grow steadily, with advertiser spending up and margins expanding to 25%. While still underweight in media plans, Pinterest is proving itself as a differentiated, performance-ready platform with rising traction among Gen Z and global users.
The news: Gen Z is reshaping how consumers shop, spend, and stay well—without ever leaving their screens. US Gen Zers record 425 digital actions a month—40.3% more than Gen Xers and 141.5% more than baby boomers, per PYMNTS Intelligence. Our take: Brands should partner with carefully chosen SMEs to expand reach. High social video subscriber counts won’t bring the best ROI if creators aren’t well-versed in what they’re promoting. They should also ensure websites and checkout processes are frictionless. Gen Z wants quick, effortless experiences. Brands that provide those have the best chance to win them over, and other generations will follow their lead.
The trend: Major chains like Claire’s, Kroger, and At Home are shuttering locations in response to mounting cost pressures, shifting consumer behaviors, and overextended store networks. Our take: Retail’s physical footprint is undergoing a recalibration. Store closures aren’t just about poor performance—they’re a reflection of deeper structural shifts: Tariffs are reshaping sourcing, pricing, and profitability. Consumers are moving toward value and digital-first channels. Legacy formats—like mall stores—are losing relevance. Retailers that can’t adapt to these changes quickly are finding themselves on increasingly shaky ground.
The news: Block’s gross profit rose to $2.54 billion, an increase of 14% YoY. Cash App’s gross profit grew 16% YoY Square’s gross profit increased 11% YoY Developments like Cash App Afterpay are gradually drawing the distinct Cash App and Square ecosystems into a robust dual-sided network. However, the Cash App’s enduring lack of a credit card makes it harder for Block to sell itself as the one-stop shop for young people’s financial needs.
The news: Empower rebranded the Petal portfolio into Tilt, a trio of cards aimed at credit builders. WebBank will remain the issuer for the cards. Our take: Alternative lenders like Tilt do help individuals start or rebuild their history of creditworthiness. However, Tilt may come into a profitability—or even operational—problem after JPMorgan Chase said it would revoke fintechs’ free access to consumer financial information.
The news: American Express renewed its partnerships with AEG, expanding Amex’s rewards reach over venues, festivals, tours, ticketing, and sports. Our take: Amex’s dedication to building the breadth and depth of its luxury offerings allows it to maintain its premium branding against competitors like the Chase Sapphire Reserve’s offerings like Chase Experiences