Target CEO Brian Cornell said shoppers are likely to eat at home and look for cheaper own brands this year due to inflation, Bloomberg reported.
US inflation soared to a 39-year high of 7% in December, data showed on Wednesday, but stocks were unfazed.
The CPI gained 7% year-over-year last month, in line with the median forecast. The pace reflects the strongest inflation since 1982.
"I'd personally be surprised if it's just four increases," Jamie Dimon said of the Fed's interest-rate plans.
A strong US labor market and rising wages mean the Fed is likely to hike rates four times between March and December, Goldman analysts said.
Stocks will rise because "there is no alternative in an inflationary environment," Jeremy Siegel said.
The S&P 500 is set to flatline, and inflation will average 4.5% in 2022, Blackstone's Byron Wien also predicted.