Nike, Lululemon results: are consumers more cautious?

STORY: Nike shares tumbled 8% on Friday after the Air Jordan maker warned of lower sales in its first half as it replaces older styles with trendier sneakers, while Lululemon Athletica sank 17% as demand waned for its premium athleisure.

"So that's the big question mark," said Buchanan. "How will the consumer continue to adjust their behavior to a new, a newer and developing economic and inflationary environment?"

While Buchanan added that the Lululemon consumer may be more affluent than most, if "that consumer continues to disengage and perhaps even trade down, or not make the type of purchases they were making over the past two or three years, that would pose its own challenges to economic growth."