During a National Retail Federation event on Sunday, Target CEO Brian Cornell said consumers will continue to modify their habits in 2022 as household expenses continue to increase.
"You’ll drive fewer miles, you’ll consolidate the number of times and locations where you shop," Cornell said. "You’ll probably spend a little more eating at home versus your favorite restaurant, and you might make some trade-offs between a national brand and an own brand." The consumer price index rose 7% in December from a year ago, according to a new Labor Department report released last week, marking the fastest increase since June 1982, when inflation hit 7.1%.
Price gains could slow further as snags in supply chains ease, but most economists say inflation won’t fall back to pre-pandemic levels anytime soon. Cornell noted that the company will "learn a lot about how the consumer reacts in the next 60, 90, 120 days to rising prices."
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