Inflation has been dragging down our purchasing for quite some time now, and the best attempts to get it under control have been only partially successful. People keep spending money, which is what’s kept us out of a recession…but that’s slowing down now, too. It appears too much inflation for too long makes people start cutting back after all!
Cue Target’s recent announcement!
Here are Five Fast Facts about Target slashing prices on everyday stuff:
- 👍 About The Slash - Target has announced they will be cutting prices on about 5,000 food, drink, and household items across their stores. They’ve already slashed prices on 1,500 products. That’s a LOT of new yellow labels!
- 😱 Uh-Oh - The move was likely prompted by the fact that Target reported its first annual sales decline in seven years earlier this year. Ya’ think??
- 📈 It’s A Brand Thing - One clear signal of the strain on normal folks’ budgets is an increase in purchases of house brands over name brands. In fact, sales of private label products have increased at least 2% since 2019, and make up almost 20% of the overall retail market now. People want bang for the buck, and this is one way to get it.
- ☀️🔥 Summer Slump - The price cuts will roll out gradually through the summer months. It will include both the national name brands and house brands. Seems like the savings will get hot along with the weather!
- 💨 Joining The Rush - Target isn’t the first to cut prices. Walmart, Aldi, and many others have begun similar cost-cutting operations to try to still reach customers looking to save money. Um…who wouldn’t that be?
🔥Bottom line: This is great news! Anything that brings prices down on the stupid expensive everyday items that really gut our Paychecks is a good thing. And as the big box stores do it, hopefully others will join in the trend!
What product(s) do you most want to see slashed?
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