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Big brands are officially worried about American shoppers

Makers of our food and home essentials, including Pepsi and Procter & Gamble, are cutting their financial forecasts for the year and predicting lower sales or profits than before.

"Relative to where we were three months ago, we probably aren't feeling as good about the consumer now," PepsiCo's Chief Financial Officer Jamie Caulfield told investors on a call Thursday. "In February, we began to see that the elevated level of uncertainty felt by consumers was starting to impact their spending habits," Chipotle CEO Scott Boatwright told investors on Wednesday. And in the lead-up to tariffs, March actually saw a big jump in retail spending — driven by people purchasing cars and big-ticket items before any tariff-related price increases.

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