FLORIDA — Thousands of essential items at Target stores, including Florida locations, are getting a price cut as the major retailer acknowledged the impact of inflation on consumers’ personal finances and spending habits.
The move reflects pushback from consumers reining in spending after years of inflation. It comes in response to the Fortune 100 company’s first year-over-year sales decline in nearly a decade.
Consumers will notice lower price tags on staples such as milk, meat, bread, soda, snacks, coffee, diapers, paper towels and pet food. These price reductions aim to save consumers millions of dollars this summer, Target announced.
“We know consumers are feeling pressured to make the most of their budget, and Target is here to help them save more,” said Rick Gomez, executive vice president and chief food, essentials, and beauty officer at Target.
Some examples of specific items with lower prices include Thomas’ Plain Bagles, which were $4.19 and are now reduced to $3.79. Target brand Good & Gather items such as unsalted butter, which was $3.99 and is now $3.79, and organic baby spinach, was $3.29 now $2.99, also have lower price tags.
Additional price reductions on everyday items include:
- Prime Hydration Sports Drinks (16.9 fl oz) now $1.99 (was $2.19)
- Jack’s Frozen Pepperoni Pizza (14.3 oz) now $3.99 (was $4.19)
- Pepperidge Farm Goldfish Cheddar Flavor Blasted Crackers (6.6 oz) at $2.79 (from $2.99)
- Good & Gather Sea Salt Roasted Nuts (9.5 oz) now $5.29 (was $6.89)
- Clorox Scented Wipes (75 ct) now $4.99 (was $5.79)
- Huggies Baby Wipes (16 ct) now $.99 (was $1.19)
- Aveeno SPF 50 Sunscreen (3 fl oz) now $13.19 (was $13.89)
- Persil Liquid Laundry Detergent (100 fl oz) now $12.99 (was $13.69)
- Purina One Chicken & Gravy Cat Food (13 oz) now $1.99 (was $2.39)
So far, 1,500 items at Target are sporting lower prices and the goal is to slash prices on about 5,000 items, Target said.
Americans spend, on average, $270 per week on groceries; in Florida they spend $287, according to a recent study by HelpAdvisor. That is one of the five highest average grocery bills in the country. Households with children spend even more. Nationwide, they spend an average of $331.94 per week at the grocery store.
According to KTLA, Target saw sales decline in 2023 for the first time since 2016. The current U.S. inflation rate is 3.4 percent, which declined compared to last month’s 3.5 percent but is still above the Federal Reserve’s target of 2 percent.
Shoppers have slowed their spend for the past year as costs have risen 20% to 30% higher than they were three years ago and as incomes failed to keep up, Sarah Wyeth, managing director, retail and consumer with S&P Global Ratings, recently told CNN.
“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,” Gomez said.
Last week, McDonald’s said the fast-food giant plans to introduce a $5 meal deal in the U.S. next month to boost slowing sales and customers’ frustration with high prices, FOX Baltimore reported.
Patch Editor Rachel Barnes reported this story.