Based on second-quarter earnings reports from some of the biggest businesses in the world, inflation is driving consumers to focus on essentials while leaving higher-ticket items on the shelves.

On Tuesday, Walmart's (WMT  ) share price took a dive after it reported that it expects its profits to shrink by as much as 13% for this year. The company blamed reduced spending on non-essentials and said that it expects to continue to have to mark down higher-priced products that don't sell. In June, Target (TGT  ) announced similar markdown plans.

Meanwhile, Unilever (UL  ), the owner of popular everyday brands ranging from Dove soap to Beyer ice cream, reported that its revenue for the first half of 2022 was up 15% to $30 billion. While only Unilever's ice cream branch saw an increase in sales by volume, the company was able to offset higher production costs by bumping up its prices by 11% during Q2.

"The challenges of inflation persist and the global macroeconomic outlook is uncertain," Unilever CEO Alan Jope said in a statement.

"We've heard from supermarkets that shoppers are now starting to slide down the value chain in an attempt to keep shopping lists intact," equity analyst at Hargreaves Lansdown Matt Britzman said. "Juggling higher prices and weaker consumers is a tough act to nail, so far Unilever looks to be doing a decent job."

Coca-Cola (KO  ) also released a positive earnings report, showing Q2 revenue of $11.3 billion compared to an expected $10.56 billion. Like Unilever, Coke raised prices to cover production costs, but it also saw higher sales thanks to the growing return of demand from places like theaters and restaurants.

McDonald's (MCD  ) report wasn't all good news, but it still showed higher-than-expected sales, citing price hikes and increased demand for value items at the low end of the chain's price range.