NEW YORK (AP) — Walmart and Target plan to begin offering deals and price matching offers earlier this year to keep up with Americans pressed by soaring inflation and looking for ways to ease the potential sting of holiday shopping.
FILE - A Walmart associate works at a Walmart Neighborhood Market, Wednesday, April 24, 2019, in Levittown, N.Y. The nation’s two major retailers _ Walmart and Target_ plan to push deals and other marketing gimmicks for the holiday shopping season earlier than last year as soaring inflation spurs customers to get a jump start on gift giving.
For two years now, shoppers have started preparing for the holidays early but last year it was because the global supply chain had been scrambled as nations began to emerge from the pandemic. This year, experts believe it is a rapid rise in prices, also tied to pandemic stricken economies, that will drive Americans to shop early to avoid prices that they believe could rise even further and to spread out the spending as they pay more for gasoline, food, and just about everything else.
The holiday sales strategies, announced on Thursday, come amid what is expected to be slower holiday sales growth compared with a year ago. AlixPartners, the global consulting firm, forecasts that holiday sales will be up anywhere from 4% to 7%, far below last year’s growth of 16%. The current inflation rate of 8.3% means retailers would see a decrease in real sales.Walmart, the nation’s largest retailer, is also expanding the window for returns by more than a month.
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