Corie Barry: Yes, absolutely. If I take a really large step back, I think Matt did a nice job in his prepared remarks saying quarter-to-quarter, it is really difficult to sort through all the laps to what you said on stimulus, on stores open, stores close, promotionality, all of those things. And so instead, I think at the sequentials all get difficult. At the end of the day, we are trying to take the biggest step back and look at a consumer that we know is really facing trade-off decisions. Obviously, especially when you have inflation on the basics, like food, fuel and lodging, and we know this definitely impacts lower income consumers to a greater extent. I mean almost 70% of spend in the lowest income earners are on those kind of basics versus more like 55% for the higher income earners.
So, you have got a large proportion of your spend going there. And so we know that people are looking for value across all of those cohorts, and there is no easy one way to describe the consumer. It’s very uneven depending on how you came out of the pandemic, and it’s very unsettled. You can see that even just in some of the confidence numbers while people are trying to sort their way. I think as it relates to us specifically, and again, specialty CE retailer, we are actually seeing relatively consistent behavior, and we mentioned this in the prepared remarks. Our demographic mix is essentially steady versus both last year and pre-pandemic. If anything, it’s moved just a touch more into the lower income brackets. And our blended mix of premium product is higher, both in units and dollars than both last year and pre-pandemic.
And we did that on a very specific like price point, SKU kind of level to look at where people were really opting into those more premium. Now, obviously, within some specific categories, we are seeing some cohorts of customers trading down, but it’s not aggregating at this point into an overall impact that we are seeing consistently across every single category. So, it can depend like you might see different behaviors in back-to-school than you might see as we are heading into holiday here. But at the highest level, we are actually seeing the consumer behaves relatively similarly as we did even pre-pandemic, I think more so, it’s the overarching decisions about how they are going to make those trade-off decisions between things like services and restaurants and vacations and goods and those base needs that they have.
Brad Thomas: Great. Thanks so much Corie.
Corie Barry: Thank you.
Operator: And we will now take our last question from Brian Nagel at Oppenheimer. Your line is open. Please go ahead
Brian Nagel: Hi. Good morning. Thanks for squeezing me again here. So, the question I have, just with respect to holiday promotions. Yes, and you recognize I know Best Buy want to keep this plans close to the vest. But as you think about this holiday and maybe what you are seeing already just given the cross currents from spending out there and some of the inventory positions, is Best Buy looking to take more leading promotions or you prepared more to react, what others do in the market? And to what extent are you working closely with your our supplier partners to both stimulate demand, but also start to alleviate some of these excess inventories in the channel?
