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It’s a rare sight these days: price cuts.
While the pace of price hikes across the economy is starting to slow down, inflation was still running at 7.7% last month — a level not seen in around four decades. So this holiday season, retailers are using deep discounts to entice Americans to shop in stores and online. Clothing, shoes, toys and electronics are among the items already hitting sales racks heading into Black Friday.
In early deals this season, J. Crew is offering 50% off and Levi’s 40% off. Target is advertising 50% discounts on toys and games, and some TVs at Best Buy are seeing 60% markdowns.
Citing an easing of shipping delays and port backlogs from last year, the report says big retailers have excess inventory from late shipments that they need to move — and discount “heavily” to do so.
“The discount strategy we have now is to clear a lot of the spring goods that arrived late, so what you’ll see is a lot of those products on sale,” said Toms CEO Magnus Wedhammar.
Some goods that are in constant demand will remain high-priced. Shopping expert Trae Bodge expects winter apparel, newer smartphone models and, hot toys will to remain high priced.
Plane tickets may remain higher priced, as they were 43% higher in October compared to last year due to pilot issues and high fuel costs.
Bodge said consumers can expect 20% to 25% discounts on Black Friday.
While consumers are facing higher prices across the board compared with 2021, some retailers say they’re rolling out their steepest markdowns since the pandemic began. https://t.co/MxEPzaQi48
— NBC News (@NBCNews) November 23, 2022
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