Retail giant Target announced that the chain will cut prices on thousands of consumer basics this summer. Everything from diapers to milk will see a price cut. 

Thanks to Bidenomics, the rate of inflation is still too high and Americans are finding it difficult to pay 2024 prices with 2020 paychecks. 60% of Americans say they live paycheck to paycheck. Everyone feels the pinch, though. 

Household budgets have been cut to only the necessities for many families. There may have been a cushion in family budgets during the Trump economy that allowed the occasional impulse purchase or two while shopping for weekly basics but those days are gone. 

Target is trying to increase sales by cutting prices. It already has cut prices for about 1,500 items. That number will rise to 5,000 items including food, drinks, and essential household goods. Retailers have to meet the needs of customers who are struggling in today's economy, especially those struggling to purchase groceries. 

Inflation has decreased after the high of 9% that Biden's spree of federal spending caused when he came into office but prices have not gone down. That is why voters don't buy Biden's malarkey about how well the economy is doing, thanks to his policies. The average voter isn't feeling it. 

Many customers have switched to private label brands sold at Target stores and at other big retailers. They are less expensive than well-known name brands. It's the same at grocery stores - shoppers buy store brands instead of big-name brands. Store brands are usually cheaper.

Target launched one collection in January called Dealworthy. It includes 400 basic items including clothing and electronics. Some cost less than $1 and most items are under $10. 

Other retail chains recognize that everyone is looking for a bargain these days for basic purchases.

Last week, McDonald’s said that it was planning to introduce a $5 meal deal in the U.S. next month to counter slowing sales and customer frustration with higher prices. Walmart posted strong quarterly sales last week driven by a influx of customers, including households with incomes of more than $100,000, looking for bargains.

In March, Target reported its first annual decline in sales in seven years. The Target Corporation announced that additional price cuts will occur this summer on Monday. 

“These reductions are in addition to our everyday low prices, which we routinely adjust to be competitive in the market and make sure you enjoy great value every day,” the company said in a prepared statement.

Target is likely to offer more insight into what it thinks about customer behavior and how it’s addressing any changes when it releases its quarterly financial report on Wednesday.

In a press release, an executive vice president of Target promises 'great value' for customers. I'll note that Great Value is the name of Walmart's house brand. Heh.

"We know consumers are feeling pressured to make the most of their budget, and Target is here to help them save more," said Rick Gomez, executive vice president and chief food, essentials and beauty officer, Target. "Our teams work hard to deliver great value every day, and these new lower prices across thousands of items will add up to additional big savings for the millions of consumers that shop Target each week for their everyday needs."

Polls show that the economy is the top issue for voters this year. Prices may be the main problem for Target as far as sales go but I think their choice of merchandise also affects the corporation's bottom line. The choice of going all-in for clothing aimed at transgender customers, for example, tuck-friendly swimwear, was just too much for customers. Many stores featured the items at the front of the store which made customers feel like it was in their faces as they entered the store. Go woke, go broke. 

Price cuts will be welcomed by everyone, I'm sure. It's a way to show that Target is listening to its customers.