On today’s podcast episode, we discuss how this kind of energy-driven inflation shows up differently for retailers compared to what we saw with tariffs last year, the ripple effects that are being underestimated, and which of these changes we think are temporary versus those that will actually reshape how people shop. Listen to the discussion with Vice President of Content and host Suzy Davidkhanian, Principal Analyst Zak Stambor, and Analyst Rachel Wolff. Get more insights like these with our free, industry-leading newsletters covering advertising, marketing, and commerce. Sign up at emarketer.com/newsletters Follow us on Instagram at: https://www.instagram.com/emarketer/ For sponsorship opportunities contact us: advertising@emarketer.com For more information visit: https://www.emarketer.com/advertise/ Have questions or just want to say hi? Drop us a line at podcast@emarketer.com For a transcript of this episode click here: https://www.emarketer.com/content/podcast-how-war-impacting-american-consumers-wallets-reimagining-retail © 2026 EMARKETER Illuminate. Connect. Activate. Verve’s global omnichannel advertising platform redefines what’s possible beyond walled gardens. Verve illuminates, connects, and activates high-fidelity signals that drive outcomes for brands, agencies, and publishers at scale. Learn more at https://verve.com/?utm_campaign=40660637-2026_emarketer&amp;utm_source=emarketer&amp;utm_medium=podcast

How War Is Impacting American Consumers’ Wallets | Reimagining Retail

Behind the Numbers: an EMARKETER Podcast

# Full Transcript

**Podcast:** Behind the Numbers: an EMARKETER Podcast

## Participants

- **Susie David Kenyon** (EMARKETER)
- **Rachel Wolf** (EMARKETER)
- **Zach Stamberg** (EMARKETER)

## Transcript

Verve's global omnichannel advertising platform redefines what's possible beyond walled gardens. Verve illuminates, connects, and activates high fidelity signals that drive outcomes for brands, agencies, and publishers at scale. Learn more at Verve.com. That's V-E-R-V-E dot com. Hi everyone, today is Wednesday, April 15th. Welcome to EMARKETER's weekly retail show,

Reimagining Retail, an EMARKETER podcast made possible by Verve. This is the show where we talk about how retail collides with every part of our lives. I'm your host, Susie David Kenyon, and on today's episode, we're focusing on the ripple effects of the energy shock, and why this moment is just as much about headline inflation as it is about the second and third order impacts on consumer behavior. Joining me today is podcast regular analyst Rachel Wolf, who's sitting with me in our new studio. Hi, Rachel. Hi, Susie.

And principal analyst Zach Stamberg joining us from Chicago. Hi, Susie. Hi, Rachel. So this week, we're talking about the economic ripple effects of the war and what it actually means for retail. Because on the surface, things looked pretty stable. Coming into the year, we were forecasting about a 3.4% growth in retail and 6.7% growth in e-commerce with inflation easing and the consumer holding up. But then, now we have to layer in an energy shock. Gas prices are up

over 30% in just a month, and suddenly, this isn't just another inflation story. Retail might look okay on paper, in part because of the higher gas prices lifting top-line sales, but underneath, the consumer is starting to shift. Energy touches everything. It acts more like a tax on fixed costs, like fuel and utilities, leaving less room for everything else. So today, we're not going to rehash the headlines. We're going to unpack the ripple effects, the ones that are easier to miss and

what they actually mean for retailers. Because even with the potential end to the conflict, these kinds of shocks don't unwind overnight. And the ripple effects tend to play out over time. So with that, before we really get into it, Zach, tell me what's one ripple effect from all of this that you're still thinking about and that you think is being underestimated right now? I've been thinking a lot about plastic. Plastic is everywhere. It's in the Lego bricks that you buy

your kids. It's in the packaging that the Lego bricks are packaged in. It's in the packaging that the Lego box is sent to your house. It's in the shopping bag that you take the box, the Lego brick box home in. And then there's all those other areas that you don't even think about plastic playing a role in. It's in the manufacturing components. There's actually in some brands of chewing gum,

there's a type of plastic in menstrual products and some toothpas...

How War Is Impacting American Consumers’ Wallets | Reimagining Retail

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

How War Is Impacting American Consumers’ Wallets | Reimagining Retail

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.