Weak economy, strong rivals: only well-funded firms can act on bargains

Almost every finance chief sees a bargain in the weak economy. Far fewer can afford to buy one. New data from PYMNTS Intelligence finds that 87% of CFOs see at least some opportunity in market softness. Yet 60% say those same conditions make them more cautious about investing.

What the data shows

The findings come from the October 2026 edition of "The 2026 Certainty Project." Two numbers stand out. Fifty-two percent of CFOs say strong customer demand is a reason to keep investing despite uncertainty. Another 52% say a strong balance sheet is a reason. A balance sheet is a snapshot of what a company owns and what it owes.

• 87% see at least some opportunity in a soft market.
• 60% say the same conditions make them more cautious about investing.
• 52% cite strong customer demand as a reason to invest.
• 52% cite a strong balance sheet.

Why money decides who moves

PYMNTS reads the pattern this way: demand shows a company where to invest, and financial strength decides whether it can. Two businesses can see the same chance to expand capacity, automate work, win customers or launch products. The one with more cash, healthier margins and easier access to financing can move. The other may have to wait.

That matters because the spending companies put off in rough times often shapes who leads when growth returns. PYMNTS calls strong finances "strategic dry powder," meaning cash kept ready to use when a chance appears.

A gap that can grow

If most CFOs turn cautious, the ones who keep investing face fewer aggressive rivals. PYMNTS describes a possible loop. Strength allows investment, investment strengthens the business, and that adds even more room to invest the next time competitors pull back.

Projects that are easiest to defend, the report says, are those that shorten payback periods (the time to earn back what was spent), turn fixed costs into variable ones (costs that rise and fall with sales), free up working capital or improve operating leverage.

Who it affects

Business owners are the clearest audience. Cash reserves and financing options may decide whether a company can grab openings while competitors hold back. Customers and workers could feel it too, since the firms that keep investing may be the ones offering new products or expanded capacity.

What is not known

The material does not say how many CFOs were surveyed, what industries or company sizes they represent, or how the survey was run. The fuller findings are in the PYMNTS report "Demand Opens the Checkbook: How CFOs Decide to Grow."