Target is ramping up discounts. Here's why

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https://www.cnn.com/2022/06/07/investing/target-discounts-stores/index.html

New York (CNN Business)Target is stuck with too much home decor and too many TVs. To clear out the glut, it will ramp up discounts.

The retail giant said Tuesday that it would mark down prices on some bigger-ticket items that consumers have pulled back on purchasing and cancel pending orders from suppliers.

Target and other big-box retailers stocked up on a wide array of merchandise such as electronics and furniture throughout the pandemic to respond to red-hot consumer demand.

But many shoppers in recent months have altered their purchasing choices in response to the fastest jump in inflation in decades and the end of federal government pandemic stimulus payments.

Consumers are making fewer high-end purchases and buying more necessities like food, household staples and self-care items.

Sounds like our economy is downshifting