New York, NY – Might 9, 2025

Regardless of a pointy decline in U.S. client confidence in early 2025, pushed by fears of tariffs, inflation, and financial uncertainty, sure corporations are reporting resilient client spending, notably in journey, hospitality, and digital companies. The Convention Board’s Client Confidence Index plummeted to 86.0 in April 2025, a 7.9-point drop from March, marking the bottom degree for the reason that COVID-19 pandemic. The Expectations Index, reflecting customers’ outlook for earnings, enterprise, and jobs, fell to 54.4, signaling recession fears. Nevertheless, corporations like Marriott, DoorDash, Disney, and Netflix are bucking the development, with spending holding robust in particular sectors. Right here’s a take a look at why these corporations are seeing an uptick regardless of the gloom.

Why Client Confidence Is Down

The Convention Board’s April 2025 survey highlights pervasive pessimism, with 32.1% of customers anticipating fewer jobs within the subsequent six months and 48.5% anticipating inventory market declines. Tariff insurance policies underneath President Donald Trump, together with a ten% baseline obligation on all imports and better levies on Canada, Mexico, and China, have fueled inflation fears, with customers anticipating a 3.9% value rise over the following 5-10 years. Retail gross sales weakened in January, with actual client spending dropping 0.5%, the biggest decline since February 2021, reflecting warning amongst lower- and middle-income households. Excessive-income customers, whereas nonetheless spending, are exhibiting indicators of restraint, notably after inventory market volatility in April 2025.

Corporations Seeing a Spending Uptick

Regardless of the broader slowdown, a number of corporations are reporting sustained or elevated client spending, pushed by resilient demand in discretionary and digital classes. Right here’s a breakdown based mostly on current studies and sentiment on X:

1. Marriott Worldwide

• What’s Occurring: Marriott reported accelerated bookings in April 2025, signaling robust journey demand. The corporate’s give attention to luxurious and experiential journey, together with spa retreats and worldwide locations, aligns with client preferences for “wellness-focused escapes.”
• Why It’s Working: Excessive-income millennials, who stay optimistic about splurging (63% intend to spend on journey per McKinsey’s ConsumerWise survey), are driving demand. Marriott’s loyalty program and versatile reserving choices cater to this demographic, offsetting tariff-related considerations.
• Context: An X publish by @DhanjiatRJ on Might 7 famous Marriott’s reserving power, suggesting journey spending stays a precedence regardless of financial headwinds.

1. DoorDash

• What’s Occurring: DoorDash said it has seen “no tariff affect on client habits,” with order volumes holding regular in Q1 2025. The platform’s comfort and subscription mannequin, DashPass, proceed to draw customers.
• Why It’s Working: Eating out and meals supply stay prime spending priorities, at the same time as general service spending intentions dropped in April. DoorDash’s give attention to affordability, with promotions and bundled choices, appeals to cost-conscious customers.
• Context: The identical X publish highlighted DoorDash’s resilience, indicating that convenience-driven spending is much less delicate to financial uncertainty.

1. Disney

• What’s Occurring: Disney confirmed “journey power” in its Q1 2025 earnings, with theme park attendance and cruise bookings remaining sturdy. Home parks like Walt Disney World noticed regular demand, notably from high-income households.
• Why It’s Working: Disney’s model loyalty and distinctive experiences, comparable to new sights and pageant occasions, maintain client curiosity. The McKinsey survey famous that high-income customers are prioritizing journey and leisure, with 43% planning to spend on recreation.
• Context: @DhanjiatRJ’s publish underscored Disney’s efficiency, suggesting that family-oriented discretionary spending helps the U.S. economic system keep away from a deeper slowdown.

1. Netflix

• What’s Occurring: Netflix reported a 16% leap in streaming subscriptions since 2019, per GWI’s 2025 client traits report. The platform’s give attention to unique content material and ad-tier subscriptions has pushed engagement.
• Why It’s Working: Subscription fashions provide predictable prices, interesting to customers cautious of inflation. Netflix’s personalization and bundling with different companies (e.g., telecom packages) improve worth notion. GWI famous that 31% of customers are subscribed to streaming companies, with city millennials and Gen Z main the development.
• Context: Whereas in a roundabout way talked about in current X posts, Netflix’s progress aligns with broader digital spending traits, as customers prioritize reasonably priced leisure over bodily items impacted by tariffs.

Why These Corporations Are Thriving

• Demographic Resilience: Excessive-income millennials and Gen Z, much less affected by confidence declines, proceed to splurge on experiences like journey and leisure. McKinsey’s knowledge exhibits 63% of high-income millennials plan to spend on journey and jewellery, in comparison with simply 20% of child boomers.
• Pre-Emptive Shopping for: Shoppers are buying big-ticket gadgets like home equipment and electronics earlier than tariff-driven value hikes, as famous by The Convention Board. This development extends to companies, with corporations like Marriott and Disney benefiting from pre-planned holidays.
• Subscription and Comfort Fashions: DoorDash and Netflix leverage subscription-based or low-commitment companies, which really feel much less dangerous amid financial uncertainty. GWI’s report emphasizes that 43% of customers worth manufacturers providing versatile, reasonably priced choices.
• Sustainability and Worth: Corporations aligning with client priorities, comparable to Disney’s eco-friendly park initiatives or DoorDash’s native partnerships, resonate with the 58% of customers prepared to pay extra for sustainable or clear manufacturers.

Challenges and Dangers

Whereas these corporations are seeing upticks, they aren’t resistant to broader financial pressures:

• Tariff Impacts: DoorDash’s resilience could wane if restaurant companions elevate costs because of imported ingredient prices. Marriott and Disney might face challenges if worldwide journey demand softens because of reciprocal tariffs.
• Client Fatigue: Decrease-income customers, already chopping again (per Deloitte’s April 2025 survey), could scale back discretionary spending additional if inflation accelerates, as predicted by New York Fed President John Williams (2.8% core inflation by year-end).
• Sentiment Volatility: The Convention Board’s April knowledge exhibits a pointy decline amongst 35-55-year-olds and high-income households, teams essential to Disney and Marriott’s buyer base. Sustained pessimism might curb spending.

Broader Context

The disconnect between client confidence and spending isn’t new. As Fed Chair Jerome Powell famous, “Folks spent proper by the pandemic and better inflation,” suggesting confidence surveys don’t at all times predict habits. Nevertheless, retailers like Walmart and Goal have slashed 2025 forecasts, citing tariff pressures, whereas Macy’s and Finest Purchase report cautious outlooks. The businesses thriving—Marriott, DoorDash, Disney, and Netflix—profit from concentrating on resilient demographics, providing value-driven companies, or capitalizing on pre-emptive spending. X posts, like @DhanjiatRJ’s, replicate optimism that such spending might assist the U.S. “narrowly keep away from recession,” although economists like Marc Giannoni at Barclays warn that extended uncertainty could tighten purse strings additional.

Trying Forward

For Marriott, DoorDash, Disney, and Netflix, sustaining client belief by affordability, personalization, and suppleness will probably be key to sustaining spending. As Trump’s tariff insurance policies evolve—doubtlessly easing for some international locations, per Reuters—these corporations should navigate value pressures and shifting client priorities. With actual GDP progress projected to sluggish to under 1% in 2025 (per John Williams), their capacity to adapt will decide whether or not they proceed to defy the boldness hunch.

For extra insights, go to The Conference Board or McKinsey ConsumerWise.