Target plans on cutting prices on thousands of consumer basics this summer, goods ranging from diapers to milk, with more Americans paying closer attention to their spending as inflation cuts into household budgets.
FILE - A worker collects shopping carts in the parking lot of a Target store June 9, 2021, in Highlands Ranch, Colo. Target says it's cutting prices on about 5,000 food, beverage and household essential items, becoming the latest company to shift its pricing strategy as consumers pay closer attention to how they spend their money amid inflation concerns.
The price cuts on as many as 5,000 food, beverage and household essential items announced Monday is a bid by Target to cater to customers who increasingly have deployed a mix of strategies to find relief at the register, including trading down to private label products, forgoing impulse buys, using coupons and waiting for deals.said that it was planning to introduce a $5 meal deal in the U.S. next month to counter slowing sales and customers’Target Corp.
“These reductions are in addition to our everyday low prices, which we routinely adjust to be competitive in the market and make sure you enjoy great value every day,” the company said in a prepared statement. Target said customers will be able to score reduced prices on food items like milk, bread, fruits and vegetables. They'll also see price reductions on goods such as diapers and pet food.
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