Retailers including Walgreens and Target are finally cutting prices. But why now? The Cut asked some experts to explain what’s happening and what we can expect in the future.
on 1,300 items — including vitamins, tampons, skin-care products, and groceries — because the company “understands our customers are under financial strain and struggle to purchase everyday essentials.” A few weeks before that, Target reduced prices on thousands of goods like fruit, dairy, coffee, peanut butter, pet food, and paper towels,But shoppers who have been pissed off about their grocery bills for years now are calling bullshit. Lowering prices to “help” people? Please.
But those factors no longer apply, says Zhang. “The supply-chain issues are smoothed out, so retailers can more easily afford to give customers a break,” he explains. What’s more,and can’t keep buying things that cost so much. “People are changing their shopping habits and shopping less,” says Zhang. “Pricing is a dance. When you raise prices too much, customers pull back. So you give them a sale or a promotion to get them to return.
Some consumers believe that recent price cuts show that retailers were previously price-gouging — raising prices because they could , not actually because of inflation. To what degree is this true? These corporate statements about cutting prices to “help” customers are a bit rich, though. “For these retailers to say, ‘We have your best interests at heart. Look what we just did for you’ — that’s ridiculous,” says Cohen. “It’s insulting to their customers’ intelligence.” Instead, he believes they should be honest and accurate: “They could say, ‘Look, we were confronted with the same explosive inflation that you’ve all faced. Inflation has not disappeared but is abating.
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