Inflation Impacts Unit Demand as 13/32 Subsectors Showing Transaction Count Growth; Sentiment by Ticker … May 2026 Consumer Discretionary Briefing Book

Summary: our attached 37-page Consumer Discretionary Briefing Book tracks spending, ticker-by-ticker sentiment, early-indicator mindshare traction, and macro conditions across discretionary: (1) consumer spending is mixed, with 19 out of 32 measured categories showing negative inflections in May, similar to April, even as inflation boosts average ticket; (2) standout positive categories include gas stations, meal delivery, luxury, coffee, and airlines; (3) standout negative categories include cruises, pizza, and home improvement; (4) we see vast disparities across subsectors in this time of K-shaped divide (historically low Sentiment while major NY May auctions for Impressionist, Modern and Contemporary were up 115% y/y.