Target is cutting prices on more than 2,000 items across multiple categories to offer cash-strapped customers more savings as the holidays approach.
The retail giant said Tuesday that the price cuts would apply to select food and beverage items, everyday essentials, holiday gifts and items to prepare the home for the holidays.
“We know families are excited to celebrate the holidays, so Target is committed to helping them find joy without compromise — with great products in our assortment at even lower prices,” Rick Gomez, Target’s executive vice president and chief commercial officer, said in a statement. “From meal prep and gifts to everyday essentials, Target offers the kind of exceptional value that makes it even easier for everyone to save money while embracing the magic of the season.” Target provided the following examples of items being reduced:
Crisco Vegetable Oil (40 fl. oz.) now $4.79 (was $5.29)
Coffee Mate Natural Bliss Sweet Cream Creamer (32 fl. oz.) now $4.99 (was $5.29)
Magic Bullet Personal Blender Set now $39.99 (was $49.99)
Purina Tidy Cats Litter (25 lb.) now $7.79 (was $8.59)
up&up Daytime Cold and Flu Relief Softgels (24 count) now $5.99 (was $6.99)
LEGO Technic 2022 Ford GT Car Model Set now $95.99 (was $119.99)
Bluey Fire Truck now $19.99 (was $24.99)
In May, Target announced that it was cutting prices of approximately 5,000 regularly purchased items, a figure that has now risen to 8,000.
The chain said Tuesday that about 10,000 items will be discounted by the end of the year in 2024.
Target’s announcement comes a week after both Walmart and Aldi announced discounts on Thanksgiving meals. Walmart said its “no-inflation” deal would be less than $7 per person for a traditional Thanksgiving dinner, while Aldi said its deal would be less than $5 per person.
Both Target and Walmart have also tried to offer more private label deals as a way to offer discounts.
The latest official retail sales data showed continued strength in consumer spending, while the pace of 12-month inflation continues to approach the Federal Reserve’s official target of 2%.
However, research from a new Federal Reserve report suggests that lower-income households are still struggling financially, something that’s reflected in a slower pace of retail sales growth for that group.
Target recently announced that it is hiring 100,000 seasonal workers for the holidays, in line with the previous three years.