Yahoo Finance Target is reducing prices on 5,000 items because no one can afford anything anymore
During a time when most stores are only getting more and more expensive, Target just made a big announcement that will likely be a relief to families all over the country: They’re cutting prices on thousands of items, effective immediately. The move is meant to try to attract shoppers back to Target as many middle-class families have been forced to tighten their budgets and cut back on spending amid months of sustained inflation.
“We know consumers are feeling pressured to make the most of their budget, and Target is here to help them save more,” Rick Gomez, Target’s executive vice president and chief food, essentials and beauty officer, wrote in a press release. “Our 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.”
According to Motherly’s 2024 State of Motherhood Survey, a majority of mothers reported struggling with living expenses and school debt. The cost of living in 2023 was up 6.5% from 2022, with most Americans’ salaries remaining stagnant. It’s basically been impossible to live the same lifestyle previous middle-class generations used to live when we can’t even live the same lifestyle we were living just two years ago.
For Target, the price cuts are also an attempt to turn around sales. In 2023, sales fell for the first time since 2016. So far, 2024 has also proven to be sluggish. Target says it’ll give an update on this year’s actual sales numbers when it reports earnings Wednesday.Like other big box stores, business has slowed for Target since the onset of the pandemic.
The price cuts are taking place nationwide. They’ll affect both national and Target-owned brands, across departments. The press release listed some examples:
Good & Gather Unsalted Butter (1 lb) now $3.79 (was $3.99)
Good & Gather Organic Baby Spinach (5 oz) now $2.99 (was $3.29)
Prime Hydration Sports Drinks (16.9 fl oz) now $1.99 (was $2.19)
Jack’s Frozen Pepperoni Pizza (14.3 oz) now $3.99 (was $4.19)
Thomas’ Plain Bagels (20 oz) at $3.79 (from $4.19)
Pepperidge Farm Goldfish Cheddar Flavor Blasted Crackers (6.6 oz) at $2.79 (from $2.99)
Good & Gather Sea Salt Roasted Nuts (9.5 oz) now $5.29 (was $6.89)
Clorox Scented Wipes (75 ct) now $4.99 (was $5.79)
Huggies Baby Wipes (16 ct) now $.99 (was $1.19)
Aveeno SPF 50 Sunscreen (3 fl oz) now $13.19 (was $13.89)
Persil Liquid Laundry Detergent (100 fl oz) now $12.99 (was $13.69)
Purina One Chicken & Gravy Cat Food (13 oz) now $1.99 (was $2.39)
The cuts are mostly small, but they’re on pace with the 20-30% increase in prices on food and goods that has happened since the pandemic. And if you do a bulk of your grocery shopping at Target, saving a few cents on each item can certainly add up.