The hottest accessory of 2026 has four-inch legs and a tendency to bark at strangers. Dachshunds are having a moment: The sausage-shaped dogs have climbed from the 13th-most-popular breed in the US a decade ago to No. 5, Bloomberg Businessweek reports.
In Bangkok, demand is so intense that one breeder who used to sell 10 to 20 dachshund puppies a year now places close to 100—and recently opened a café where customers pay about $9 to spend 90 minutes being swarmed by more than 30 of them. Stocks finished up on Friday, but not enough to make back losses from earlier in the week. |
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The K-Shaped Tug of War: How is the “consumer” doing? |
We’ve spent much of this year reading about America’s so-called “K-shaped” economy. A handful of earnings reports last week gave us a glimpse of that world, in which the rich have more money to spend on expensive perfumes and makeup while everyone else searches for something their size at discount retailers.
Two of last week’s biggest winners (according to Wall Street, at least) were Estée Lauder and Ross Stores, two brands on opposite sides of the income spectrum. |
- Estée Lauder beat earnings and revenue expectations. Notably, the company saw its North America sales grow year over year for the first time in several years, which it attributed to market share gain in the “prestige beauty” category. Luxury conglomerate LVMH also reported growing US sales when it reported results in July.
- Ross reported earnings, revenue and same-store sales well-above Wall Street estimates. It saw a rise in store traffic consisting of “new customers and higher engagement from existing customers,” the company said.
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Meanwhile, the country's largest retailers got a boost from an unusual source: tariff refunds. The Supreme Court ruled in February that many of the Trump administration's tariffs were imposed unlawfully, and the government has since been refunding billions to the importers who paid them. Walmart and Target are now pledging to plow some of that money into lower prices.
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Walmart, the biggest retailer in the country, reported quarterly earnings and revenue above expectations but reported same-store sales growth of 2.6% — below Wall Street estimates and the lowest reading of that key metric since 2022. Walmart CFO John Rainey told analysts consumers began to noticeably make “trade-offs” once gas prices hit above $4 a gallon in June. He said the company intends to lower prices on some items, including on back-to-school items.
- Target — Walmart's smaller but pricier competitor — also reported an earnings and revenue beat, as well as higher-than-expected sales growth. The company also noted that it’s bringing down prices (including a barbie doll for $5) to meet shoppers where they are. “We're proud of that price investment,” CEO Michael Fiddelke told analysts. “We think it matters to consumers right now.”
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While affluent shoppers are happily splurging on Jo Malone fragrances and Christian Dior bags, middle- and lower-income households are locked in a relentless search for value. The macro environment offers little near-term relief. Retail sales unexpectedly fell in July, according to data from the Census Bureau, meaning there may be more consumers treating themselves to prestige luxury, while others are hunting down $5 Barbies and twenty-five cent crayons. |
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