美洲可选消费-2026 年展望：预计中等收入群体表现更优，低收入群体仍承压-Americas Consumer Cyclicals_ 2026 Outlook_ Expect mid-income cohorts to outperform, while low-income cohort remains pressured

5 January 2026 | 5:03AM EST Equity Research AMERICAS CONSUMER CYCLICALS 2026 Outlook: Expect mid-income cohorts to outperform, while low-income cohort remains pressured Going into 2025, we expected Discretionary to outperform Staples, which largely came to fruition even though both the XLP and XLY lagged the broader S&P 500 last year. Consumer sentiment was weighed down by several challenges, including tariffs, immigration, geopolitical tensions, and layoffs among other factors, which drove weaker spending ...