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

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.

How War Is Impacting American Consumers’ Wallets | Reimagining Retail

Read the full transcript

The candid version is on a podcast,
not the earnings call.

How War Is Impacting American Consumers’ Wallets | Reimagining Retail

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.