Target to lower prices on about 5,000 basic goods as inflation cuts into budgets
Target Slashes Prices on 5,000 Items: Inflation Relief?
Target is set to reduce prices on about 5,000 essential items this summer, including food and household goods, to help consumers struggling with inflation. This move, expanding on price cuts already applied to 1,500 products, aims to attract customers increasingly opting for cheaper, private-label brands amid high grocery costs. Additionally, Target's new Dealworthy collection offers budget-friendly options, with most items priced under $10. This pricing strategy comes as Target faces a 1.7% annual sales decline, its first in seven years, influenced by inflation and higher credit card costs.
What specific consumer basics is Target planning to reduce prices on this summer?
Target is planning to reduce prices on a variety of consumer basics this summer, including:
- Food items: milk, bread, fruits, vegetables, snacks, yogurt, peanut butter, and coffee.
- Household essentials: diapers, paper towels, and pet food.
- Beverages: soda and sports drinks.
- Health and beauty products.
Additionally, price reductions will be found across dozens of national brands and popular Target-owned brands like Good & Gather and Everspring in key departments such as food and beverage, household essentials, health and beauty products, and more.
How many items have already had their prices reduced by Target, and what is the total number the company plans to adjust?
Target has already reduced prices on 1,500 items. The company plans to adjust the prices on a total of 5,000 items over the course of the summer6.