DICK's Sporting Goods (DKS) released a second quarter financial report that fell short of expectations and significantly lowered its full year performance guidance, causing its stock price to plummet by over 22% during trading and dragging down retail and sportswear sectors such as Target (TGT) and NIKE (NKE). This series of sell offs is not only a market reaction to the underperformance of a single retail business, but also marks the official transition of American mass consumption from "inflation resilience" to a defensive cycle of "contraction of non essential demand and high promotion destocking". Under the dual pressure of accumulated inflation and high credit costs, the excess savings of current American residents have bottomed out, and the consumption budget is accelerating its retreat towards meeting basic living needs. After Wal Mart's financial report revealed that unnecessary department stores slowed down and relied on price reduction promotion, DKS's performance explosion further consolidated the weakness of optional consumption. The loss of Foot Locker business acquired by it and the high-intensity discount war in the footwear and apparel industry have seriously squeezed the gross profit margin, forcing the management to significantly lower the annual EPS guidance by nearly 20%. The cooling of terminal demand is rapidly transmitted upstream through the "bullwhip effect" in the supply chain. The decline in same store sales and inventory backlog in retail channels have directly weakened the purchasing expectations and order size for core sports brands such as Nike. As the dividend period of relying on price increases to pass on costs in the past comes to an end, the US consumer engine is shifting towards a destocking stage of "price for quantity", and the profitability resilience of the back to school and holiday seasons in the second half of the year will face more severe tests.