Corporate Executives Say Trump’s Economy Has Left U.S. Consumers “Under Pressure” and “Stressed”

Corporate executives are quietly acknowledging what millions of Americans already feel: Trump’s economy is squeezing lower- and middle-income families while corporations enjoy record profits and the wealthy continue to prosper.

Consumer outlook indicators point in the same direction. The University of Michigan's Index of Consumer Sentiment declined across nearly every demographic group this November — by age, income, and political leaning — except for those with the largest stock portfolios, whose confidence jumped 11%. Similarly, consumer confidence data from the Conference Board showed that the confidence dropped among Americans earning under $75,000 and increased the most for those making more than $200,000 — a clear sign that everyday Americans are growing more worried about their finances, having to spend less just to stay afloat as the K-shaped economy deepens.

Key Excerpts

Food and Beverage Industry

Scott Boatwright, Chipotle Chief Executive Officer and Director said during a Q3 2025 earnings call: “Earlier this year, as consumer sentiment declined sharply, we saw a broad-based pullback in frequency across all income cohorts. Since then, the gap has widened, with low to middle-income guests further reducing frequency.” He continued to say, “The economists we have spoken to over the last several quarters, say, Q4, Q1 [are] likely to be the toughest for the consumer. Specifically the cohort under $100,000. A particularly challenged cohort is the 25- to 35-year-old age group [...] This group is facing several headwinds, including unemployment, increased student loan repayment and slower real wage growth.”

Coca-Cola's Executive Vice President and Chief Operating Officer Henrique Braun stated during a Q3 2025 earnings call that “When we look from a consumer point of view, we continue to see divergency in spending between the income groups. The pressure on middle and low-end income consumers is still there."

Constellation Brands (Makers of Modello and Corona Beer) Chief Executive Officer William Newlands told attendees at the Barclays 18th Annual Global Consumer Staples Conference 2025 “The Hispanic consumer is very concerned at the moment. 80% are concerned about socioeconomic factors, 75% are concerned about their personal finances. It means that their shopping behavior has changed.”

General Mills’ Group President of North America Retail & North America Pet Dana McNabb said during an Investor Day meeting that “the consumer is still adjusting to this once-in-a-lifetime inflationary period and trying to find their footing...they're stressed." General Mills’ CEO Jeffery Harmening followed up by noting that "the combination of the length of the inflation that we have seen and inflation is still running at or ahead of wage growth. And so consumers, if you're making $200,000 a year or less, you are really feeling that pinch even still today."

Kraft-Heinz CEO and Director Carlos Abrams-Rivera laid it out on the Q3 2025 earning call saying that “fact that we have now one of the worst consumer sentiments we have seen in decades...it is a unique moment right now in which this is getting -- the consumer negativity and the sentiment is extending longer than we had originally expected."

Jack Sinclair, CEO and director for grocery store chain Sprout's Farmers Market told shareholders on the Q3 2025 earnings Call that "from a consumer pressure perspective, I mean, I think that's building … a little bit more in the kind of lower and middle income is what you read about and what you hear. [...] middle-income trade areas, younger demographics … it's just a little more pronounced in those, but I think the pressure is there for everybody and everyone is trying to figure out how they manage through that in a dynamic environment.”

Dirk Van de Put, the Chair and CEO of Mondelez (Makers of Oreo cookies, Halls cough drops, and Wheat Thins) said on a Q3 2025 earnings call that while their consumers are “very concerned in general about the economy, frustrated with the pricing they're seeing,” Mondelez’s seasonal products allow the company to charge higher prices because "the consumer is not that clear on what the right price point is and also is inclined to pay a little bit more."

Travel Industry

American Airlines' Chief Strategy Officer, Steve Johnson, said on a Q3 earnings call that “Nearly 50% of our ticket revenue comes from premium,” and as a result the airline is planning to add additional premium seats to its fleet.

On an Q3 earnings call, Scott Kirby, United Airlines’ CEO described how economic stress causes demand to "bleed off on the lower end” making more seats available for brand loyal customers.