Auto Parts+, Discount Retail+, Golf+, Fast Food-, Accommodations-, Airlines-, Consumer Fintech- … April 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 broadly softening, with 20 out of 32 measured categories showing negative inflections in April, softer than March, even as inflation boosts average ticket; (2) standout positive categories include gas stations, e-commerce, discount retail, and golf; (3) standout negative categories include events, beauty, airlines, accommodations, consumer fintech, home furnishings, pizza and fast food; (4) we continue to discuss two emergent macro themes after the gas price impact .. (a) housing activity freeze up in medium term, and (b) problems with unemployment claim utility in the modern age.