Target Reportedly Cuts Prices After Noticing Loss Of Inflation-Affected Customers

MIAMI, FLORIDA – MAY 20: Customers shop at a Target store on May 20, 2024 in Miami, Florida. Target announced plans to cut prices on thousands of consumer basics as inflation cuts into household budgets. (Photo by Joe Raedle/Getty Images)

Target is aiming to better meet customers where they are as Americans continue to grapple with the effects of inflation.

The popular retailer recently announced it will lower everyday regular prices on approximately 5,000 frequently shopped items in its stores.

Per a news release shared with ESSENCE, Target has already taken steps to reduce prices on about 1,500 items, with “thousands more price cuts planned to take effect over the course of the summer.”

“We know consumers are feeling pressured to make the most of their budget, and Target is here to help them save more,” said Rick Gomez, executive vice president and chief food, essentials and beauty officer, Target in a news release.

The move comes nearly two years after experts stated Americans will need about $5,200 more on hand to keep up with inflated living costs. Per a 2022 Bloomberg report, their economists found that everyday items pushed US households to shell out thousands more just to maintain their normal way of life, including groceries, toiletries and household items.

In keeping with the heightened trend of thrifty consumership, Target says customers can now see slashed tags on items including milk, meat, bread, soda, fresh fruit and vegetables, snacks, yogurt, peanut butter, coffee, diapers, paper towels, pet food and more.

Although the retailer is positioning the cost-cutting measure as a way to help customers stock up on savings, some social media users had mixed reviews to the news.

Gomez added in a statement: “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.”

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