However, with the American economy picking up steam we will probably see an improvement across the board.
It does seem that Americans are shifting away from higher-end, luxury goods, towards more mundane products. The slowdown in sales growth in the technology sector is the flipside of this, as an area that previously enjoyed strong growth begins to experience more difficult times.
Incomes and spending in the US both improved in May, although this has not led to a significant boost since savings are still being rebuilt.
However, from earnings so far there are reasons for hope. Procter & Gamble (P&G) had seen its position slip recently, failing to realise that consumers were increasing spending on more basic products and instead pursuing the premium end of the business. This led to the company losing ground to its rivals in areas such as shampoo products. However, the new CEO has pledged his determination to turn this situation around, although it will take an extended period for the company to regain its pre-eminence against rivals.