Executives call cautious shoppers 'choiceful' to explain weak sales

Executives at public companies have increasingly described consumers as "choiceful" on earnings calls, using the term to account for softer shopping and sales. Analysts say the framing is a way to explain lackluster results. Sucharita Kodali of Forrester said, "Choiceful is coded language for: Sales or units are down," meaning shoppers are either spending less at retailers or purchasing a smaller overall volume of products.

A FactSet analysis found the word was mentioned 70 times across 43 earnings calls in 2025, up from 36 mentions in 2024 and 27 in 2023. Executives at Target, Macy’s, Mastercard, Walmart and Costco have used the term; Target’s Rick Gomez used it last May and again in November, and Macy’s CEO Tony Spring used it four times on a December call.

The usage has precedents but has become more common in recent years. The New York Times noted occasional earlier uses in 2011 and 2003 and cited a much older appearance in a 1591 poem by Edmund Spenser. Ms. Kodali said the rise of the term has accompanied a dynamic in which companies held pricing power and charged more, while consumers bought fewer overall units — often spending the same or more while purchasing less.

That mix has not stopped many retailers from seeing profits rise even as unit sales decline, but it has left executives seeking language to manage investors. "Even when you’re doing well, you still have to manage investors," Ms. Kodali said.

Key Topics

Business, Choiceful, Target, Macy's, Walmart, Costco