Target to lower prices on 3,000 everyday items

Target is slashing prices on 3,000 everyday items such as food, beverages and household essentials during the holiday season, the retailer said on Tuesday, as it seeks to attract shoppers who are tightening budgets amid economic uncertainties.

Retailers are bracing for a muted holiday shopping season as U.S. consumers rein in spending amid stubborn inflation, elevated interest rates and President Donald Trump’s import tariffs. They are also preparing for a sales dip in November after food aid benefits lapsed due to the government shutdown.

Minneapolis-based Target said its Thanksgiving meal will now cost less than $5 per person, following similar moves by rivals Walmart and Aldi.

Target’s meal kit for four will cost under $20, compared with $20 a year ago.

In October, the company unveiled its first major layoff in about a decade, cutting 1,800 corporate roles.

Major retailers promise a cheaper Thanksgiving, but there’s a twist

Grocery giants Walmart, Target and Aldi are trumpeting their Thanksgiving meal deals as more affordable than ever. But those retailers are doing exactly what shoppers are doing, trading down to cheaper private-label alternatives or offering fewer items.

Walmart’s  meal this year features nine Great Value private-label brand items out of 15, compared with nine out of 21 brands last year — a higher percentage of in-house brands.

The company accomplished this by subbing in a stuffing mix and sidelining onions, celery and broth. Those switches allowed for a revamp with the turkey – changing to the well-known Butterball brand (96 cents a pound) from last year’s Honeysuckle White (then 88 cents a pound).

The company says its meal kit now costs less than $40 and feeds 10, versus around $56 total to feed eight people last year. This year’s 22 items, which include more than one of certain goods like green beans and corn, is down from 29 a year ago. Walmart declined to comment.

President Donald Trump, whose approval ratings on the economy have been sliding, mentioned Walmart’s reduced prices several times this week, noting a 25% decline in holiday costs from last year.