Target said Monday it will lower prices on approximately 5,000 frequently bought items as it seeks to stay competitive amid signs consumers are experiencing price fatigue.<\/p>\n
The company said in a statement that the price cuts are concentrated in grocery staples like milk, meat, bread, fruit and vegetables, as well as paper towels and diapers, with many cuts affecting its company-owned Good & Gather and Everspring brands.<\/p>\n
It had already cut prices on some 1,500 other items.<\/p>\n
\u201cWe know consumers are feeling pressured to make the most of their budget, and Target is here to help them save more,\u201d said Rick Gomez, executive vice president and chief food, essentials and beauty officer at Target. \u201cOur teams work hard to deliver great value every day, and these new lower prices across thousands of items will add up to additional big savings for the millions of consumers that shop Target each week for their everyday needs.\u201d<\/p>\n
As the rate of annual inflation remains stuck above 3% and the Fed’s key interest rate remains unchanged, many consumers are starting to pull back on spending and becoming more selective about what they purchase. <\/p>\n
\u201cConsumers continue to be even more discriminating with every dollar that they spend as they faced elevated prices in their day-to-day spending,\u201d McDonald\u2019s CEO Chris Kempczinski said on the company\u2019s conference call in late April.<\/p>\n
One of Target’s chief competitors, Walmart, recently signaled that even higher-income consumers were turning toward its offerings as \u201cwallets are still stretched.\u201d<\/p>\n
\u201cWe\u2019ve got customers that are coming to us more frequently than they have before and newer customers that we haven\u2019t traditionally had, and they\u2019re coming into a Walmart whether it\u2019s a virtual store online, or whether it\u2019s one of our physical stores,\u201d said Walmart CFO John David Rainey in an interview with CNBC.<\/p>\n<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Target said Monday it will lower prices on approximately 5,000 frequently bought items as it seeks to stay competitive amid signs consumers are experiencing price fatigue. The company said in a statement that the price cuts are concentrated in grocery staples like milk, meat, bread, fruit and vegetables, as well as paper towels and diapers, <\/p>\n","protected":false},"author":1,"featured_media":3425,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-3424","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"_links":{"self":[{"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/posts\/3424","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/comments?post=3424"}],"version-history":[{"count":0,"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/posts\/3424\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/media\/3425"}],"wp:attachment":[{"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/media?parent=3424"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/categories?post=3424"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/digitaltradecenter.com\/index.php\/wp-json\/wp\/v2\/tags?post=3424"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}