Retailers are hoping that the credit crunch ends and consumers will start spending like crazy again — but Walmart’s CEO Lee Scott doesn’t think that’s going to happen.
Scott said this downturn may fundamentally change people’s spending habits.
“I’m not necessarily convinced that just when all this liquidity and things hit, if you’re going to have the same immediate desire to go back to consumption and debt,” he said, referring to a potential U.S. government stimulus plan.
“There are a lot of young people who have learned what it’s like when you are living on the edge and the bad times come.”
UPDATE 3-Wal-Mart CEO sees no quick rebound for US economy [Reuters]