ICYMI: "Season of Price Cuts"

This holiday season, shoppers at Target will see lower prices for nearly 10,000 items, and Walmart and Aldi are lowering Thanksgiving meal prices. Prices are still too high—and the President and Vice President will continue to call out price gouging and fighting to lower costs squeezing family budgets.

Read more below:

Axios: The season of holiday price cuts has arrived
[Kelly Tyko, 10/22/24]

Three major retailers — Target, Walmart and Aldi — are promising to cut prices for the holidays after four years of higher costs. […]

Driving the news: Target announced today it will lower prices on more than 2,000 products throughout the holiday season, following price cuts on 8,000 items this year.

• Target says the cuts will be on store and national brands and include food and beverages, everyday essentials, holiday gifts and "items to prep the home for the holidays."
• Walmart said last week its "inflation-free Thanksgiving meal" costs less than last year while Aldi committed to Thanksgiving prices lower than 2019. […]

NBC News: Target cutting prices on more than 2,000 items heading into the holiday season
[Rob Wile, 10/22/24]

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. […]

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. […]

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. […]

CNN: Target is cutting prices on 2,000 items ahead of the holiday shopping season
[Jordan Valinsky, 10/22/24]

Target is slashing prices on more than 2,000 items, marking the second time this year that the retailer cut customer costs as it attempts to attract inflation-weary shoppers ahead of the holiday shopping season.

Some prices have dropped effective immediately on a number of items, including home goods, beauty products, food, beverages and toys. In a press release, Target said it "routinely adjusts its prices to remain competitive in markets across the country" and the discounting will continue through December. […]

In May, Target announced it was going to slash prices on 5,000 items but ended up surpassing that number, cutting prices on 8,000 products. In total this year, the retailer will have discounted more than 10,000 items.

The new round of cuts affects name brands like Lego and Coffee Mate, as well as its house brands. Although prices vary depending on city, Target highlighted some examples with a Magic Bullet blender reduced to $39.99 from $49.99 and a Bluey fire truck toy dropping to $19.99 from $24.99. […]

Reuters: Target to lower prices on 2,000 items ahead of holiday season
[10/22/24]

Target is reducing prices on more than 2,000 items ranging from snacks to toys and cold medicine in an effort to attract bargain-hunting shoppers during the holiday season, the retailer said on Tuesday.

The price reductions will be across national brands and Target's own private brands, including food and beverages, everyday essentials and holiday gifts, it said. […]

Rival Walmart has also been pushing to keep prices on essentials low as many Americans turn to discount shopping amid sticky inflation.

In May, Target lowered prices on at least 5,000 frequently shopped products. It said on Tuesday that it was on track to lower prices on more than 10,000 items by the end of the holiday season. […]

CBS News: Aldi offers Thanksgiving meal for 10 people for less than $50
[Kate Gibson, 10/17/24]

Aldi is unveiling its lowest-priced Thanksgiving spread in five years, with the discount grocery chain possibly taking a page from the recent playbook of fast-food chains offering $5 value meals to entice price-sensitive Americans.

Aldi on Wednesday announced its "inflation-busting holiday meal" for 10 at a cost of $47.00, or $4.70 a person. Aldi's Turkey Day fare runs about two bucks less than an offer by its bigger rival, Walmart.

U.S. inflation in September hit its lowest point since February 2021, reflecting lower gas prices and a small rise in food costs, prompting one analyst to declare inflation to be "dying, but not dead." […]

Fox Business: Aldi, Walmart, others tout Thanksgiving meal deals
[Daniella Genovese, 10/18/24]

Major U.S. grocers are going head-to-head, offering similar discounted Thanksgiving meal baskets to lure in cost-conscious customers who are squeezed by high prices.

Although overall inflation has fallen significantly, inching closer to the Federal Reserve's intended 2% target, prices for some food items remain up by double-digits. […]

Aldi announced this week that it is offering its cheapest Thanksgiving basket in five years. The basket includes a full meal for 10 people for under $47.

The company touted that the meal equates to less than $4.70 per person and includes a Butterball turkey with spices, gravy, rolls, mac and cheese, stuffing as well as ingredients for cranberry sauce, mashed potatoes, sweet potato casserole, green bean casserole and pumpkin pie. […]

Walmart on Thursday also announced that it is offering a so-called "inflation-free Thanksgiving meal."

The Arkansas-based retailer said the meal is a "lower price than last year," costing roughly $7 per person. […]

CNN: Aldi says its Thanksgiving meal prices will undercut Walmart as shoppers search for value
[Jordan Valinsky, 10/16/24]

Aldi is releasing its lowest-priced Thanksgiving meal deal in five years — and undercutting one of its largest rivals — as inflation-weary consumers shift their shopping habits to more affordable private labels.

The low-priced grocery chain is rolling out an "inflation-busting holiday meal" priced at $47 that feeds 10 people, which comes out to $4.70 per person. That's about $2 cheaper than a similar offer at Walmart, indicating that Aldi is ready to take on its larger rivals as it expands its store count and market share across the US.

Aldi's meal includes all the traditional Thanksgiving fixings, including a Butterball turkey, gravy, rolls, macaroni and cheese, stuffing plus ingredients to make cranberry sauce, mashed potatoes, a sweet potato casserole, green bean casserole and pumpkin pie. […]

[F]ood price inflation has moderated substantially during the past year, Consumer Price Index data shows. As of August, grocery prices were rising at a pace of 0.9% annually, landing in line with the average increase seen in 2019, according to Bureau of Labor Statistics data. […]