# @blackrock on YouTube

- **Type:** Video
- **Original URL:** https://youtube.com/watch?v=tt5xAYK_qtg
- **Gondola URL:** https://gondola.cc/posts/58556536-blackrock-youtube
- **Thumbnail:** https://img.gondola.cc/tr:w-,h-,fo-auto/postThumbnails/44eed8b4c1.jpg
- **Posted:** 2026-03-06T05:00:00.000+00:00
- **Account Owner:** BlackRock (@BlackRock) — https://gondola.cc/BlackRock

## Caption

The K-shaped consumer is redefining the outlook for the U.S. economy. While overall spending remains resilient, growth is increasingly concentrated among higher-income households, creating widening gaps across income levels. As policy shifts, AI adoption, and healthcare innovations reshape behavior, the consumer landscape is becoming more uneven.

In this episode of The Bid, host Oscar Pulido is joined by Lisa Yang, Portfolio Manager and Co-Head of the Consumer Industry Group within BlackRock Fundamental Equities, to assess the state of the U.S. consumer heading into 2026. From wage growth and labor market dynamics to fiscal policy, tariffs, and immigration, Lisa explains how macro forces are influencing spending patterns — and why resilience is strongest at the high end. The conversation also explores structural shifts shaping stock market trends, including the rise of value-focused retailers, the impact of GLP-1 weight-loss drugs on food and apparel demand, and how AI-driven “agentic commerce” could transform retail media and brand discovery. As capital markets digest these changes, understanding the nuances of consumer behavior is critical for investors.

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Key insights from this episode:
• Why the U.S. consumer remains resilient — but increasingly K-shaped
• How fiscal policy and tariffs could widen income-driven spending gaps
• Why value retailers and discounters are outperforming
• How GLP-1 drugs are reshaping grocery, apparel, and beauty categories
• What agentic commerce means for retailers, brands, and advertising models
• Why health and wellness remains a durable long-term consumer trend

#consumerbehaviour #consumerspending #labormarket #retailinvestment 

Sources: “Advance Monthly Sales for Retail and Food Services” February 2026, United States Census Bureau; US Bureau of Economic Analysis (PCE data); FRED 2026, Bureau of Labor Statistics; Wage Growth Data, January 2026, Federal Reserve of Atlanta; Tax refunds per Morgan Stanley, Piper Sandler estimates; “US food outlook 2026”, Bernstein; “GLP-1 Boom Accelerates Nationwide Shift in Size Curves, Putting $5 Billion in U.S. Apparel Retail Inventory at Risk, According to New Impact Analytics Study”, Global Newswire, September 2025

This content is for informational purposes only and is not an offer or a solicitation. Reliance upon information in this material is at the sole discretion of the listener. Reference to any company or investment strategy mentioned is for illustrative purposes only and not investment advice. In the UK and non-European Economic Area countries, this is authorized and regulated by the Financial Conduct Authority. In the European Economic Area, this is authorized and regulated by the Netherlands Authority for the Financial Markets. For full disclosures, visit blackrock.com/corporate/compliance/bid-disclosures.

## Stats

- **Views:** 491
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## Tags

labormarket, consumerspending, consumerbehaviour, retailinvestment

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