We’re in a trade-down economy, and Ulta is winning

If you’re feeling anxious about the economy, you’re not alone. Consumer confidence is at its lowest in more than a decade. Americans are worried about inflation, a possible recession, and job security—and that anxiety is reshaping how they spend.

Even high earners are pulling back. Households are cutting big-ticket indulgences like vacations, fine dining, and designer fashion and redirecting spending toward essentials like groceries and personal care. Even then, they’re choosing retailers that feel like smart value plays.