Target (TGT.N) is seeing shoppers trim spending even on groceries as household budgets are stretched due to higher prices and borrowing costs, the U.S. big-box retailer’s CEO Brian Cornell said in an interview aired on CNBC on Thursday.
“But even in food and beverage categories, over the last few quarters, the units, the number of items they’re buying, has been declining,” Cornell told CNBC.
Related – The trend for the Google search “give car back” is skyrocketing.
Are people trimming household spending due to economic reasons; or because they no longer store buy things they now acquire via shoplifting or buying on the black market?
So, how are you enjoying Obama’s third term?
Picking up a few items at the grocery store the other day and was behind a woman and her two kids at the checkout …$400.00 for what she had in her cart damn near floored me. I don’t know how they’re doing it.
Christmas sales numbers will be interesting this year.
been helping our daughter with four kids doing a massive bulk cook with her once a month to get them meals for a week. direct payments had hubby heading for the liquor and cannabis
store.
Burton, my son with a family of five spends between 600 and 800 dollars a week on food, yes, a week. Now they are still eating the same quality as before the prices went nuts but, how long before they have to reduce the quality of the food they are feeding their children?
An added inflationary item is, of course, shrinkflation. It’s fairly obvious on certain products. Boxed pasta is a good example. The net weight is lower than before (because they shorten the cut piece of pasta minutely, but it adds up per box). However, the price remains the same, or a little higher. So, there are quite a few products out there right now with “double inflation”.
To be clear, I don’t fault the manufacturer for this. I do fault the governments for printing money like news print. And, I do fault the jackass sitting in the Dept. of Transportation (Mayor Pete) for screwing up the supply chain (which has the added benefit of retail stores having to increase their prices in excess of the inflationary costs) to accommodate supply v. demand. Then, there is the artificial increase in diesel fuel (also added to retail prices) due to over regulation on refineries and outsourcing oil drilling.
We keep hearing that inflation will be with us for years to come. I disagree strongly. If the next person in the Oval office has good intentions to address it….it can be fixed quickly and effectively by just producing domestic oil, controlling the supply chain competently, and stopping the currency printing press. Months…fixed IMO.
“An added inflationary item is, of course, shrinkflation. It’s fairly obvious on certain products. Boxed pasta is a good example. The net weight is lower than before (because they shorten the cut piece of pasta minutely, but it adds up per box). However, the price remains the same, or a little higher. ”
There should be a legal requirement to post signage for a certain period of time pointing out the changes…how is it not a ‘deceptive trade practice’ otherwise?
Just a reminder that all this is deliberate.
I thought “shrinkflation” was a rise in the cost of psychiatric care?
There is also the chance that the plebeians are not taken by their virtue signaling, they may not want to enter the store.
Shopping at target IS virtue signalling.
Anyone looking to save money goes to Walmart.
Target is for apple products, designer yoga pants, overpriced coffee.
A certain type of person drives past three cheaper options to shop at target.
Anyone really on a budget goes to walmart.
Great point, but the situation is also similar at Wal-Mart.
“Great point, but the situation is also similar at Wal-Mart.”
I haven’t noticed any rainbow displays at local Walmarts.
The Walmart at Preston Crossing in Saskatoon had Pride materials during June – a single shelves-and-hangers thing at the front of their clothing section, right at the intersection of two major aisles. Shirts and banners and other things were on display, but there was not the on-your-face blitz that Target seemed to have.
There’s one group of people who are eating better and more than they ever have … illegal border-hopping aliens. The taxpayers are giving them massive benefits, housing, food stamps and cash. They’ve never had it so good.
We’ve never had it so bad.
I guess that’s what they call … “equity” … eh? All we need is another Billion of the world’s impoverished to cross our border … a nation of economic “refugees” … then everyone will be equal, right? Then everyone will be equally impoverished
Now we’re slowing down but inflation remains to ensure we all lower our expectations – of state competence.
It’s working. Built in depravation to cover for collectivism with all its attendant failures, leading to shared misery.
We’ll have less, we’ll own nothing, we’ll be happy. A meme becomes a conspiracy theory becomes reality.
Off covid, on to climate change, which the despots cling to for its easy power, representing our very thoughts.
And of course the old standby of war. Never forget that. Progressivism, taxation, inflation and war.
But like a thief in the night we’re always surprised when the the parasites have milked away our prosperity.
To make the transition complete, they’ll just need our liberty, as they make us dependent on them.
Then they can misplace all the $billions they want.
There are many basic grocery items I only buy when they are on sale. Used to buy bacon whenever I wanted. Today it was 8.99 for a 375 gram package. I’m not paying that. I wait for it to be on sale then buy as much as I can. Going to the grocery store is a nightmare these days.
We do the same and are set on many items so grocery bills haven’t been bad. I have canned sardines until 2026. And we only get the fruit on sale….aside from oranges.
Bacon…dang….really.
NoFrills…this week’s flyer…500 G…..No Name Regular Salt Reduced Bacon…$3.77.
We’re lucky to have a NoFrills here in town though.
375 grams of Maple Leaf bacon 8.99 at Freschco. The off brand/house brand 5.99.
That’s the stuff I stocked up on. I prefer it to Maple Leaf anyway.
Check the ingredients, water is listed. Usually #2. All that steam coming off the fry pan is water injected into the pork belly. Smoked bacon shrinks less, don’t know which is more cost effective.
Yeah, that’s where we’re at right now. It’s not “I can’t afford that item”, it’s “I’m not paying that much for that item”. We wait for a sale or buy at bulk warehouses.
Everytime I visit my college student son, I bring moose or deer meat for him and his roommate. Then I take him out to the grocery store instead of out for a restaurant meal. With a few more kids left to get through post secondary education, I think my husband’s retirement date will be extended.
I wish moose stew was offered in stores. Too bad it can’t be offered commercially.
Yeah, if you want natural food nothing beats venison and fishing. Moose tastes like really lean beef. We often give moose meat to family and friends because it doesn’t have the strong wild flavor like deer meat. Deer, except deer sausage and jerky, is an acquired taste.
No doubt that inflation and economic uncertainty are changing consumers priorities and spending habits. But is everyone forgetting the controversy of last spring at Target? Maybe no one wants to walk through the rainbow arch into the pedo-groomer nirvana of chest binders and banana tuck swimwear for kids when on your way to buy some corn flakes.
I went in a local Target store to burn up a stack of gift cards I had accrued last May. You literally would have had to go backwards through the checkout lines to avoid walking through the Pride! section complete with trans gender mannequins.
Pretty sure Target’s reduction in consumer traffic might not be wholy related to economic conditions.
Considering all that, I’m surprised Target didn’t last longer here in Canada.
The CEO has a woke, screw the normies philosophy that should have played well here.
Google for why Target failed in Canada and you’ll find interesting articles about how they messed up many things at the same time. They spent a ton of money renovating Zellers stores and building brand new stores – the Target in Barrie, Ontario, beside the Cabela’s, was enormous. Their inventory management was a shambles due to unproven software and processes. But the thing that really killed them in Canada was their core Canadian business model: “we’re not Walmart.” They really expected that “not being Walmart” would be enough.
Maersk is laying off 10,000 people. Times are very tough. https://www.freightwaves.com/news/maersk-cutting-10000-jobs-in-face-of-worsening-market-conditions
Less crap from China=good news
“Less crap from China=good news”
Absolutely. We get nothing from them that we can’t get elsewhere for the same price.
Not so sure. Trudeau has pissed off both the Chinese and the Indians. That’s where we get most of our medicines. Hope you’re not tethered to a pharmacy for survival.
“Not so sure. Trudeau has pissed off both the Chinese and the Indians. That’s where we get most of our medicines. Hope you’re not tethered to a pharmacy for survival.”
Nope. Doctors always seem taken aback when they ask what medications I am taking and I tell them “none”.
We need new leaders in the H of C and Whitehouse willing to drill for oil like never before. That will bring the gas pump price down causing major ripple effects that will benefit everyone. Cheap oil will also keep the Saudis and Russia in check. Oh, and T-bone steak is $8.99/lb at Freson Bros. Gonna load up on them tonight.
Xiden is emptying the strategic reserve to keep oil prices down / figure when its done is when China will make its move on Taiwan
” We need new leaders in the H of C and Whitehouse willing to drill for oil like never before. That will bring the gas pump price down causing major ripple effects that will benefit everyone. ”
I’m not sure it works like that. Aren’t we obligated to use the use ‘world price’ for oil?
Re the heading. Is it still transitory when it lasts a decade? Because I think that will be the case. The fact that it’s being done deliberately by our government just galls me even further. If you drill down deep enough, you’ll find WEF, WHO, and UN fingerprints all over it. If we ever actually do get a change in government, I suspect they will not even fix 25% of the problems before the Canadian electorate stupidly votes back in the liberal party again. We are sooooo screwed!!!
We gave our daughter, husband and kids a freezer. Now they can buy half a beef, half a hog, etc.
You can still find beef in this area for $4 a pound carcass weight. Another $1.15 per trimmed pound lb. to cut and wrap.
I’m really ambivalent about losses faced by major retailers. Their two years of silence and acquiescence helped put them where we all are now.
I saw some english cut bacon at Superstore, $6.99 for 250 grams. Shrimp at Quality Foods, $16.99 for 340 grams. Same shrimp at Costco, $21.99 for 680 grams. I’ve virtually quit any fast food ie; TH, McD etc. Thought I would grab a bagel and small coffee at Tims just for a change. Bagel & small coffee $4. Up about 15% since tha last one I had about 3-4 months ago.
People eating less?
Hey that’s good for the planet and that’s the plan.
Plan B is eating Long Pig.
Support a local farmer or processor. The Andersons offer case quantity of dry legumes and pulses at less than half the price of retail. There are alternate streams of food availability. Reduce the distance producer to consumer. Get to know a farmer.
Find out a supplier for commercial or industrial sector for cheaper toiletries and cleaners and such. Perhaps the toilet paper may not be as soft on your bottom but is will be easier on your wallet. Our supplier also has case quantities of packaging materials for food processing, garbage disposal and much more than you can imagine. Find someone to share the larger quantities with if your budget is tight.
Most of the population bought into the idiotic notion that Covid stimulus spending would actually boost the economy even when it was coupled with forcible closure of huge numbers of businesses. Then the cheerleaders raised their voices for involvement in the Ukraine and the massive supply chain chaos that ensued when sanctions on Russia were imposed. I guess you get what you pay for. Too bad those of us who questioned this nonsense can’t escape the collateral damage.
We have our own big vegetable garden. I pick wild berries and mushrooms. Just down the highway I buy milk, eggs, fresh milk, honey and cream. Wife makes butter from the cream and cheese from the milk. She cans, freezes and freeze dries stuff for long term storage. Her rhubarb strawberry jam is to die for. I buy fish from a local fisherman, beef, turkey, chicken and lamb from local farmers, game meats from local hunters. I make my own salamis and bolognas and smoke my own meats. I already pick apples for juice and jellies. My wife has planted several varieties of northern hardy fruits and we should soon have plums, pears, kiwis and maybe peaches from our own trees. I buy direct and pay about 1/2 to 2/3rds buying from the grocery store and it’s far better quality. The producers get more than they would selling into the system. It’s all cash only and totally illegal except my vegetable garden and the foraging, but I expect they’ll make that illegal soon too. The higher the prices go in the grocery store the less I buy from them and the more I can source locally. We have a lot of new-from-the-city homesteader types in my community now and they are always scavenging for a way to make some cash on the side and I’m happy to pay them. The other huge savings is we now make all our own soaps, cleaners and laundry detergent for pennies on the dollar.
I eat well. Old fashioned meat and potatoes and simple vegetables like my own cabbage and carrots. So far inflation has forced me to eat better quality locally grown but less variety. No more stuff like purple plums from Chile or tomatoes from Mexico. But I am in no danger of starving.