Target Lowers Projections As Shoppers Reduce Cart Size

Target indicated that shoppers are spending more per transaction, but have been buying fewer items for the first time in four years. The report noted that this is considered a sign that consumers are financially constrained.

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“It’s clear that the holidays will be highly promotional and that consumers will be laser focused on value,” Target Chief Executive Gregg Steinhafel told the media outlet.

The move comes after both Walmart and Best Buy cut projections. Walmart lowered its full-year forecast for the second time this year, the report said, while Best Buy indicated its fourth quarter margins will be lower due to its price-matching program.

For more on Target and its consumer spending analysis, click here. 

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