Target Claims This Big Change Will Favor Consumers Holiday Shopping Season

Target Corporation (NYSE: TGT) says it will reduce regular prices on more than 2,000 items this holiday season, bringing the number of items that have seen price reductions this year to more than 10,000 items this year.

It says products that are getting cut ahead of the holidays include food and beverages, holiday gifts and items to prep the home for the holidays.

The company says it will help shoppers save on items for holiday preparations and gifting, like toys, board games, beauty products, bath towels, snacks, beverages, frozen vegetables, cookies, ice cream, toilet paper, cough and cold medicine and more.

In May, Target announced it would cut prices on about 5,000 items and the company says it ended up lowering prices on over 8,000 total items. The new cuts for the holiday season brings the total to more than 10,000 items.

"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," said Rick Gomez, executive vice president and chief commercial officer, Target. "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 provided some examples of price cuts:

• LEGO Technic 2022 Ford GT Car Model Set now $95.99 (was $119.99)
• Bluey Fire Truck now $19.99 (was $24.99)
• Crisco Vegetable Oil (40 fl. oz) now $4.79 (was $5.29)
• Coffee Mate Natural Bliss Sweet Cream Creamer (32 fl. oz) now $4.99 (was $5.29)
• Magic Bullet Personal Blender Set now $39.99 (was $49.99)
• Purina Tidy Cats Litter (25 lb.) now $7.79 (was $8.59)
• up&up Daytime Cold and Flu Relief Softgels (24 ct.) now $5.99 (was $6.99)

Target also said it is offering thousands of toys with over half under $20, including some as low as $5.

The Minneapolis-based company has nearly 2,000 stores. It earlier announced that it was going to hire approximately 100,000 seasonal workers for this year's holiday season.

America's shoppers are expected to make retailers' days merry and bright this holiday season by "cautiously" increasing their spending over last year, according to the National Retail Federation.

The industry group recently forecasted that total sales in November and December would grow between 2.5% and 3.5%, compared to the same period in 2023. That means retailers could ring up $979.5 billion to $989 billion worth of purchases.

The holiday outlook matches the NRF's earlier percentage forecast for the entire year, during which consumers are expected to spend between $5.23 trillion and $5.28 trillion. That's up from $5.1 trillion in 2023.