Target is cutting prices on up to 5,000 items

Target has announced a major price reduction on over 1,500 popular items, starting immediately, in an effort to attract shoppers deterred by inflation. The retailer plans to cut prices on a total of 5,000 items over the summer, aiming to save consumers millions of dollars on everyday essentials like milk, fresh fruit, diapers, and pet food. Price drops will affect both name brands, such as Clorox and Prime energy drinks, and Target’s house brands. For example, a 75-count canister of Clorox wipes has been reduced from $5.79 to $4.99, and a pound of unsalted butter from the Good & Gather brand now costs $3.79 instead of $3.99.

Other retailers like Ikea and Aldi have also been cutting prices to entice consumers who have been reducing their spending due to inflation, which has driven costs up by 20% to 30% over the past three years. Retail sales growth has stagnated, with April’s spending missing economists’ projections. Target’s price cuts come as part of a strategy to reverse a decline in sales, which dropped last year for the first time since 2016. To further appeal to budget-conscious shoppers, Target has introduced a new house brand, Dealworthy, featuring 400 low-cost items.

Source: CNN