The University of Michigan recorded a 10% year-on-year drop, and other data found sentiment hit a four-month low.

Oliver Vernon-Harcourt, head of retail at Deloitte, said: “As many grapple with an inflation hangover, consumers likely need more time to digest the volatility and uncertainty of the last few years.

Kena Betancur / Stringer / Getty Images Retail sales were higher in December, but they didn’t come in ahead of economist estimates, breaking a six month streak of U.S. consumers surprising ...

Executives are also shelling out on marketing and scooping up brand names to entice inflation-wary consumers.