Target said it would mark down prices on some bigger-ticket items that consumers have pulled back on purchasing.
President Joe Biden is set to meet with Federal Reserve Chairman Jerome Powell as soaring inflation takes a bite out of Americans' pocketbooks and the president's public approval.
But many shoppers in recent months have altered their purchasing choices in response to the fastest jump in inflation in decades and the end of federal government pandemic stimulus payments. Consumers are making fewer high-end purchases and buying more necessities like food, household staples and self-care items.
"There is a need to clear down inventory -- even if that means discounting -- to rebalance stock levels and make more room" for these categories in high demand, Neil Saunders, an analyst at GlobalData Retail, said in a note to clients Tuesday. Target was caught off guard by the speed of these shifting trends and last month told investors it would begin marking down some overstocked items.
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