this post was submitted on 03 Nov 2023
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Target CEO Brian Cornell says shoppers are pulling back, even on groceries, as they feel stressed about their budgets.

In an interview with CNBC’s Becky Quick that aired Thursday morning, he emphasized that the retailer has posted seven consecutive quarters of declining sales of discretionary items, such as apparel and toys, in terms of both dollars and units.

“But even in food and beverage categories, over the last few quarters, the units, the number of items they’re buying, has been declining,” he said in the interview.

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[–] zeppo 288 points 1 year ago (23 children)

No shit. Groceries have gone up 40% in the past 1-2 years for no real reason while wages have not and things like housing are going up too. Amazing that people would be buying less 'units'.

[–] [email protected] 8 points 1 year ago (2 children)

Where do you live that your groceries only went up 40%??? Here it was more like 100-150%. A dozen eggs from a company I like went from $2.89 back in 2021 to $5.69. They said it was avian flu, temporary, covid, etc. Prices today are still $5.69.

This went across the board. A bushel of green onions went from $.99 to $1.99. Some places went higher.

The worst part of all this is that both rent/mortgage and food doubled in a matter of 3 years. And you have to pay these. There’s no avoiding food and shelter.

It’s as if the entire world just threw you down and started rifling through your pockets. The nice ones let you keep a shilling…

[–] [email protected] 1 points 1 year ago

Jesus, where I live eggs are back down to $1.99 a dozen which is more than they used to be but not that extreme. I think pre-pandemic, we were paying $1.79. There was a period where the store brand was $5.99 and Egg Lands Best was $3.99 which made no sense to me.

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