NEW YORK — Americans who spend Memorial Day scouting sales online and in stores may find more reasons to celebrate the return of warmer weather. Major retailers are stepping up discounts heading into the summer months, hoping to entice inflation-weary shoppers into opening their wallets.
NEW YORK — Americans who spend Memorial Day scouting sales online and in stores may find more reasons to celebrate the return of warmer weather. Major retailers are stepping up discounts heading into the summer months, hoping to entice
While discounts are an everyday tool in retail, Saunders said these aggressive price cuts that cover thousands of items announced by a number of retailers represent a “major shift” in recent strategy. He noted most companies talked about price increases in the past two or three years, and the cut mark the first big “price war” since before inflation started taking hold.maintain strong sales in recent quarters.
In the non-food category, crafts chain Michaels last month reduced prices of frequently purchased items like paint, markers and artist canvases. The price reductions ranged from 15% to up to 40%. Michaels said the cuts are intended to be permanent.Many retailers said their goal was to offer some relief for shoppers. But Michaels said its new discounts brought prices for some things down to where they were in 2019.
The Bureau of Labor Statistics, which tracks consumer prices, said the average price of a two-liter bottle of soda in April was $2.27. That compares with $1.53 in the same month five years ago. A pound of white bread cost an average of $2 last month but $1.29 in April 2019. One pound of ground chuck that averaged $5.28 in April cost $3.91 five years ago.
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