Bloomberg News reports that an inventory glut across the nation has caused unexpected bargains for the shoppers in the US, especially for the goods that used to be best sellers while the pandemic was on.
These discounts stand out as Americans grapple with inflation at a 40-year high, which has increased the cost from grocery stores to the gas pumps. The likes of Target Corp, Gap Inc, and Walmart Inc have dropped costs on the non-essential items that they had stocked up on, except the shoppers are not clamoring for them anymore. The lower demand for the big-ticket items contributes to the US retail sales reporting their first plunge in five months on Wednesday.
This means deals on home goods, televisions, furniture, and some clothing. Walmart and Gap’s Old Navy have also been trying to keep costs low on a few items so that they do not alienate the shoppers with a limited budget.
Here are a few areas where the consumers will get a better deal this summer.
-
Food Staples
Bargains might be available on macaroni, canned tuna, bread, rice, pasta, and beans, and this has come amidst the company increasing costs on other items.
-
Some Clothes
Macy’s Inc is hinting at potential discounts just like many other retailers. At Walmart, a jump in inventories by 32% during the first quarter led to retailers marking down items like apparel.
-
Electronics and Appliances
Target’s pileup of inventory compelled it to slash costs on several bulky items, including televisions. This was done to make more room for the other products like personal care and beauty. Discounts were on patio furniture and kitchen appliances.
-
Furniture and Bedding
Furniture, including bedding, was one of the lesser categories to extend a monthly drop in prices in May, per the US Department of Labor. Macy’s revealed that consumers have refrained from purchasing textiles, housewares, and table linens that were popular during the initial phases of the pandemic. The company has stated that it is being very watchful about the cost of items like entry-level couches and mattresses so that buyers are not scared away.
Plunging sales reports, Bloomberg News at HomeGoods stores in the last quarter marred an otherwise upbeat report in earnings from parent TJX Cos, which has said that it has plans to emphasize “value messaging” in its future marketing efforts for the brand.
Bloomberg News reports that Overstock.com Inc, the online seller, is hoping to take advantage of the swelling glut jeopardizing the retailers of brick and mortar stores.
