Dan Frommer on the New Consumer, Plus Tariff Shockwaves, Wayfair Wobbles, and Walmart's Digital Acceleration

Recorded live in the Narvar Podcast Studio at NRF Big Show, Steve Dennis and Michael LeBlanc sit down with Dan Frommer, the iconic tech journalist and Founder of The New Consumer, to explore the forces reshaping retail and consumer behavior.

Frommer challenges the prevailing “vibecession” narrative, arguing that despite low consumer sentiment readings, spending remains resilient. Drawing on proprietary survey data from 3,000 U.S. consumers, he outlines a nuanced picture: younger consumers are increasingly digital-first, deeply connected to creator culture, and entering their peak earning and spending years. Millennials show the highest trust in AI, while Gen Z is more skeptical about automation’s impact on work and identity.

GLP-1 medications are seen as a game changer, driving shifts in spending. Health and longevity also take center stage, with more than 40% of Gen Z and Millennials in “health optimization mode.” Frommer highlights TikTok Shop’s explosive rise as creator-led commerce flips marketing economics.

In the news segment the hosts discussion how the Supreme Court’s IEEPA tariff ruling triggers chaos for retail. With up to 70% of tariffs affected, pricing and supply chain uncertainty now dominate. Retailers face refund confusion, volatility, and political storms.

Walmart posts strong earnings but signals a slowing trend. Half of its e-commerce orders ship from stores, three-hour delivery reaches most Americans, and retail media surges ahead. Wayfair gains share in a struggling home market, but staying unprofitable raises tough questions.

In the “Remarkable Story of the Week” of the week, Aritzia acquires Fred Segal’s intellectual property, as plans to resurrect the storied West Coast fashion retailer. On the radar: sneaker wars intensify as New Balance nears $10B in revenue and Nike navigates turnaround pressures at Converse. QVC also is reportedly mulling a Chapter 11 filing.

Link to Dan's 2026 The New Consumer report here.

Registration is open for a special webinar featuring Steve in conversation with Placer AI's Head of Analytical Research RJ Hottovy. From changing shopping patterns to emerging market opportunities, shifting consumer demand continues to reshape the industry. So don't miss this data-driven session unpacking the most important trends defining today’s marketplace and the strategies leading brands are using to win retail's future. It's all brought to you by Placer.AI and It all happens on Tuesday September 29 at 1pm ET..

Register here today:

https://www.placer.ai/discover-events/discover-shifting-consumer-demand

About Us

Steve Dennis is a strategic advisor and keynote speaker focused on growth and innovation, who has also been named one of the world's top retail influencers. He is the bestselling author of two books: Leaders Leap: Transforming Your Company at the Speed of Disruption and Remarkable Retail: How To Win & Keep Customers in the Age of Disruption. Steve regularly shares his insights in his role as a Forbes senior retail contributor and on social media.

Michael LeBlanc is a senior retail advisor, keynote speaker and media entrepreneur. Michael has delivered keynotes, hosted fire-side discussions hosted senior retail executive on-stage in 1:1 interviews worldwide. Michael produces and hosts a network of leading retail trade podcasts, including The Remarkable Retail Podcast, The Voice of Retail, The Food Professor, The FEED powered by Loblaw and the Global eCommerce Leaders podcast. He has been recognized by the NRF as a global Top Retail Voice for 2025 and 2026 and continues to be a ReThink Retail Top Retail Expert for the fifth year in a row.