Walgreens recently announced it will discount 1,300 more seasonal, food, health and wellness, and personal care items
Seeing the plight of consumers amid rising prices, Walgreens became the latest major store to slash the prices of its goods. The chain has been cutting down the cost of its items since October and recently announced it will discount 1,300 more seasonal, food, health and wellness, and personal care items.
The move by Walgreens comes as the US experiences consumer spending fatigue and elevated inflation rates. The average price of groceries has jumped 25% since 2019, according to GlobalData.
Other retailers like Target, Walmart and Aldi have also reduced their prices as people are spending less money. Walmart introduced an entire line of food items costing $5 or less. Target plans to reduce costs on 5,000 items and Aldi on 250 items.
At the same time, there is a rise in consumer confidence among those earning over $100,000 per year, indicates a report from business group Conference Board. For example, travel is still doing well because wealthier people are still spending money on it.