The season of holiday price cuts has arrived
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Illustration: Maura Losch/Axios
Three major retailers — Target, Walmart and Aldi — are promising to cut prices for the holidays after four years of higher costs.
Why it matters: Discounts were hard to come by during the inflation crisis but now retailers are getting more competitive to entice shoppers to spend.
Driving the news: Target announced today it will lower prices on more than 2,000 products throughout the holiday season, following price cuts on 8,000 items this year.
- Target says the cuts will be on store and national brands and include food and beverages, everyday essentials, holiday gifts and "items to prep the home for the holidays."
- Walmart said last week its "inflation-free Thanksgiving meal" costs less than last year while Aldi committed to Thanksgiving prices lower than 2019.
Reality check: It's not unusual for retailers to promote lower prices around the holidays and the trio have said in recent years ahead of Thanksgiving that prices were lower.
State of play: Target and Walmart have been doubling down on store brands to drive sales as more Americans look to save money.
- Walmart launched its newest food brand, "bettergoods" in April and Target launched "dealworthy" in February.
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