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With its reduced costs, Target claims to be able to “collectively save consumers millions of dollars” on daily necessities and household goods, including milk, fresh fruit, diapers, and even pet food.

As a means of luring back consumers sick of inflation, Target is slashing prices on up to 5,000 items.

From butter to laundry detergent, Target has lowered prices on over 1,500 popular items starting immediately in an effort to draw in consumers who are cautious of inflation and are turned off by high pricing.

With “thousands more price cuts”—approximately 5,000 goods—being lowered over the summer, the company declared, prices had decreased as of Monday. The goal of the reduced costs is to “collectively save consumers millions of dollars” on daily necessities and household goods, including milk, fresh fruit, pet food, and diapers.

As a means of luring back consumers sick of inflation, Target is slashing prices on up to 5,000 items.

Both its own brands and well-known brands, like Clorox and Prime energy drink, are impacted by the changes. Target gave several examples of price reductions, despite city-specific variations: a 75-count container of Clorox wipes was lowered from $5.79 to $4.99, and a pound of unsalted butter from its Good & Gather brand was dropped from $3.99 to $3.79.

In an effort to draw customers back into stores and encourage them to spend money, other large retailers, such as Ikea and Aldi, have been cutting prices recently. This is because many customers have cut back on their spending due to inflation.

Since costs have increased by 20% to 30% over the past three years and earnings have not kept up with the inflation, shoppers have been holding back for a year. Sarah Wyeth is S&P Global Ratings’ managing director for retail and consumer.

The rise in retail sales has been negatively impacted by high costs. According to a recent report from the Commerce Department, retail sales last month were unchanged from March, when spending climbed by a downwardly revised 0.6%.

According to FactSet, expenditure in April fell short of the 0.4% growth that analysts had predicted. Seasonal variations are taken into account, but inflation is not. In contrast, retail sales increased by 3% a year earlier.

Retailers squeezed customers by raising prices. Perhaps they had just blinked.

Target’s pricing reductions are also an effort to boost sales, which dropped for the first time since 2016 in the face of a weak 2024 forecast. When the company releases its earnings on Wednesday, it will provide an update on sales for this year.

Like other big box stores, business has slowed for Target since shoppers stocked up at its locations and online during the height of the pandemic in 2020 and 2021.

Since its surge, Target’s core middle-class customer base has been strained by higher prices and pulled back on discretionary goods such as home decor, electronics and nonessential clothing.

In response, Target recently created a new house brand called Dealworthy to take on dollar stores and Walmart. The budget-friendly lineup consists of 400 items, from phone chargers to disposable plates and even underwear.