Target Cutting Prices On Nearly 5,000 Items To Combat Inflation To Give ‘Big Savings For Millions:’ Report
Prices on the household staples you love and need may be slashed in the future, as Target fights to cut tags on nearly 5,000 products in an effort to combat inflation.
The retailer reportedly has a plan to "collectively save consumers millions of dollars," decreasing prices on more than 1,500 popular items effective immediately, per CNN Business. The company hopes to alleviate the cost burden on weary shoppers.
Items including, but not limited to are butter, fresh fruit, diapers, milk, butter, laundry detergent, and even pet food. "Thousands more price cuts" are to come, ultimately reducing the price of nearly 5,000 items over the summer, per the retailer.
The business news outlet reported that the change will affect name brands such as Clorox and Prime Energy Drink, in addition to its house brands. Target highlighted examples including a 75-count can of Clorox wipes being slashed from $5.79 to $4.99 and Good & Gather Unsalted butter being cut from $3.99 to $3.79.
Due to costs rising around 20% to 30% in the past three years, incomes have failed to match the demand of rising costs. The increase in prices have also caused retailers to take a hit, as April retail sales were only up by a lackluster 0.2% in comparison to 3% a year ago.
Target's mission is for sales to take a turn in a positive direction as the retailer's middle-class core customer base have become strained by soaring prices in an unpromising economy.
Target's executive vice president and chief food, essentials, and beauty officer Rick Gomez understands the pressure shoppers face amid unsure financial times and wants them to save more.
"We know consumers are feeling pressured to make the most of their budget, and Target is here to help them save more," Gomez stated per ABC News.
He continued: "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."
