E51: Are US Consumers Still Consuming?
Are U.S. consumers still consuming? That's the central question at hand in our latest Research @ Citi podcast. North America Head of Research Anne Malone and U.S. Broadlines and Hardlines Retail Analyst Steven Zaccone discuss the state of the U.S. consumer, considering everything from tariff effects and the macro backdrop to how AI may change e-commerce.
This podcast contains thematic content and is not intended to be investment research. Nor does it constitute financial, economic, legal, tax or accounting advice. This podcast is provided for information purposes only and does not constitute an offer or solicitation to purchase or sell any financial instruments. The contents of this podcast are not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, security, or transaction. The information in this podcast is based on generally available information and, although obtained from sources believed by Citi to be reliable, its accuracy and completeness are not guaranteed. Past performance is not a guarantee or indication of future results. This podcast may not be copied or distributed, in whole or in part, without the express written consent of Citi. © 2025 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Citi and Arc Design are trademarks and service marks of Citigroup Inc. or its affiliates and are used and registered throughout the world.
Anne Malone, Head of North America and Latin America Equity Research, Citi
Anne Malone was named Head of North America and Latin America Equity Research 2022; promoted from Deputy Director, a role she held since 2018. Anne started at the firm in 1996 as an Analyst covering Medical Technology stocks. She has held several positions since then, in both Equity Research and Citi Asset Management, taking on roles that utilized her analytical, product, and people skills. Prior to joining Citi she was a Medical Device Analyst at Bear Stearns. Anne graduated from the St Leo College with a degree in Finance and a minor in Economics. She is a CFA Charterholder.
Steven Zaccone, CFA Retailing | North America
Steven Zaccone, CFA, is a Director on Citi’s Retail Team covering the Retailing/Broadlines & Hardlines sector. Prior to joining Citigroup in 2020, Steven served as a Vice President at J.P. Morgan on the #1 Institutional Investor-ranked Retailing/Department Stores & Specialty Softlines research team. He was the senior associate on the team and had senior research coverage of several companies in the retail and leisure sectors, including golf & marine. Prior to joining J.P. Morgan in 2016, Steven spent three years as the senior associate on another top-ranked retail team at Cowen & Company and also at Citigroup. He was responsible for covering a broad spectrum of the retail landscape on the team, including the Broadlines, Hardlines, Softlines, and Luxury sectors. Steven also previously held equity research roles at Oppenheimer & Co. and Needham & Co. following the consumer and technology sectors. During his time at J.P. Morgan, Steven was named a Rising Star retail analyst in the Institutional Investor poll and also helped J.P. Morgan to a ranking in the leisure category. Steven graduated summa cum laude from Fordham University with a Bachelor’s degree in Accounting & Finance in 2010 and is a CFA Charterholder. Steven is an avid golfer and runner. He has completed four of the world major marathons. Steven lives in Rye, NY with his wife, two small children, and labradoodle.
