Target is lowering prices on more than 2,000 items across an array of categories in a bid to offer more discounts to cash-strapped customers as the holiday season approaches.
The retail giant said Tuesday the price cuts would apply to select food and beverages, everyday essentials, holiday gifts and items to prep 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 across 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 gifting to everyday needs, Target’s offering the kind of exceptional value that’ll make it even easier for everyone to save money as they embrace the magic of the season.”
Target gave the following examples of items that will see cuts:
- Crisco Vegetable Oil (40 fl. oz) now $4.79 (down from $5.29)
- Coffee Mate Natural Bliss Sweet Cream Creamer (32 fl. oz) now $4.99 (down from $5.29)
- Magic Bullet Personal Blender Set now $39.99 (down from $49.99)
- Purina Tidy Cats Litter (25 lb.) now $7.79 (down from $8.59)
- up&up Daytime Cold and Flu Relief Softgels (24 ct.) now $5.99 (down from $6.99)
- LEGO Technic 2022 Ford GT Car Model Set now $95.99 (down from $119.99)
- Bluey Fire Truck now $19.99 (down from $24.99)
In May, Target announced it was cutting prices on approximately 5,000 frequently bought items, a figure it now says increased to 8,000.
The chain said Tuesday that by the end of the year, some 10,000 items will have seen price reductions in 2024.
Target's announcement comes one week after both Walmart and Aldi announced discounted Thanksgiving meal offerings. Walmart said its "inflation-free" deal would come out to less than $7 per person for a traditional Thanksgiving dinner, while Aldi said its deal would equate to less than $5 a person.
Both Target and Walmart have also sought to lean in to more store-brand offerings as a means of offering discounts.
The most recent official retail sales data showed ongoing strength in consumer spending, while the pace of 12-month inflation continues to approach the Federal Reserve's official 2% target.
However, research from a new Federal Reserve paper suggests lower-income households continue to struggle financially, something reflected in a lower pace of retail sales growth for that cohort.
Target recently announced it was hiring 100,000 seasonal workers for the holidays — in line with the previous three years.
