Consumers have been grumbling about the soaring cost of groceries for nearly two years. Now, some of the biggest names in retail appear to be listening.
In recent weeks, Target and Aldi have broadcast price cuts on thousands of items, while Walmart unveiled a new private label lineup of quality “chef-inspired food” mostly in the $5-and-under range. The shift comes as U.S. consumers have been signaling their discontent with more subdued spending — threatening retailers’ bottom lines.
It also reflects the split screen that is the U.S. economy: technically strong, but a struggle for many consumers as inflation and interest rates remain elevated, and debt levels have soared. Grocery prices have spiked nearly 27 percent since 2020, outpacing overall inflation. Combined with higher housing and energy costs, Americans have developed an increasingly dour outlook about their financial well-being in the run-up to the 2024 election.
Source: MSN