U.S. shoppers choose food over non-essentials

STORY: Soaring food prices means Americans are cutting back on purchasing other goods

Walmart’s CEO Doug McMillon told analysts Americans are more "choiceful, discerning, thoughtful" about what they buy

The higher price tag on groceries have lead to soft sales for electronics, toys, home and apparel

As a result, retailers like Target are slashing prices on those categories

Sales of home goods, home improvement and gardening products are all down too

Home Depot's CEO says shoppers are spending less on things like soft flooring and roofing

Quarterly results from retailers like Nordstrom and Victoria’s Secret will reveal the impact on clothing in March

But off-price clothing and homeware retailer TJX reported sales slid 11% in 2022

Source: Labor Department

The average cost for food consumed at home climbed 11.3% in January from a year earlier