retail news in context, analysis with attitude

Reuters reports that Judith McKenna, CFO at Walmart’s Asda Group in the UK, told a Consumer and Retail Summit yesterday that British consumers remain in recession, no matter what the economists say, and that it is having “a really biting effect on how people are shopping and spending....particularly in the area of discretionary spending ... People have changed their shopping habits as well ... they have started to ration their behavior about how they spend and what they spend it on ... there is a new norm developing,"

She added, “Do I expect it to improve anytime soon? No, I don't.”
KC's View:
Not just in the UK. I think that statement also applies to the US, where despite the proclamations by economists, individuals and companies largely continue to act as if we are knee-deep in recession.