For the 2024 holiday season, there are mixed reviews on inflation’s impact on Black Friday.
It was announced in October that Walmart and Aldi will offer “inflation” prices on Thanksgiving-related food items.
According to RetailBrew, “Aldi is promising an ‘inflation-busting holiday meal’ for 10 people at less than $47,” and Aldi “cited research that prices across the industry are up 50% from 2019, and committed to coming in below that pre-inflation benchmark.”
Aldi CEO Jason Hart released a statement (h/t: RetailBrew):
“With 25% of US households now shopping Aldi, we know grocery prices are still top of mind for customers. We worked hard this Thanksgiving to deliver the best value and quality products so everyone can enjoy a traditional meal with family and friends without having to scale back.”
Walmart was similar, saying they will serve a meal that averages around $7 per person featuring 29 items: Turkey, vegetables, and Hawaiian rolls.
The Christmas season is also impacted.
Target is expecting a weak sales season, with shares of Target plunging 22% on Wednesday. That’s Target’s worst trading day in more than two years, according to CNN.
Target CEO Brian Cornell said (per CNN), “Consumers tell us their budgets remain stretched and they’re shopping carefully as they work to overcome the cumulative impact of multiple years of price inflation.”
It’s also plummeted because of its rival Walmart with competitive, or in this case noncompetitive, prices. Target consumers are also losing to retailers like Amazon and Costco. And with Amazon, let’s face it, it’s easier.
Gone are the days of standing out in the cold early in the morning. We can order whatever we want in the comfort of our home, and it’ll be at our doorstep in two days.
Even with Target adding food items in recent years, Walmart remains supreme. As CNN notes, “Walmart’s US sales at stores open for at least a year grew 5.3% last quarter compared with the year prior, the company said Tuesday, and its profit grew 8.2% last quarter.”
[Walmart; RetailBrew; CNN]
