1、USA|Thematic ResearchEquity ResearchAugust 27,2025 JefferiesEquity Research*|Equity Analyst(888)JEFFERIES|research_RandalJ.Konik*|Equity Analyst(212)708-2719|AshleyHelgans*|Equity Analyst(212)336-7367|JonathanMatuszewski,CFA*|Equity Analyst(212)284-1737|CoreyTarlowe*|Equity Analyst(212)323-7541|Kyli

2、eCohu*|Equity Analyst(212)778-8701|DavidKatz*|Equity Analyst(212)323-3355|KaumilGajrawala*|Equity Analyst+1(212)778-8937|KeithDevas*|Equity Analyst+1(212)778-8233|AndyBarish*|Equity Analyst(415)229-1524|AlexanderSlagle,CFA*|Equity Analyst(415)229-1508|Jefferies US Consumer Pulse:Sentiment HoldsUp,De

3、spite Higher Staples SpendUS consumer sentiment remains roughly unchanged,perhaps matching thelack of visibility echoed at the corporate level.While our proprietary survey datasuggests little movement around the edges(indications of a slightly better labormarket,but higher prices and lower savings),

4、the spending data we track impliescontinued strain at the lower end.Overall spending remains robust,with staplescommanding greater wallet share,potentially due to higher prices.Sentiment Snapshot:Nothin Doin.Our consumer sentiment data remains roughly stable,with thetop line index still flat over th

5、e past two months(at 98).However,we do think its worth pointingout that the mix vs.those mid-June levels is different,with 5Y economic expectations lower,buyingconditions lower,personal finances lower,yet NT expectations for the economy and personalfinances higher.Ultimately,the implication is that

6、higher prices are being felt broadly,while a bit ofa hope trade is keeping consumers relatively ebullient.As we point out later on in this report,one ofthe more pronounced trends is the continued divergence between the most and the least educatedconsumers,which may also speak to the toll higher pric