Where to find discounts
Shoppers can expect to find more deals on discretionary goods such as clothing, electronics, furniture, home goods and bath items — the stuff that has been highly sought after since the start of the pandemic and many people may have already bought.
Walmart
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Walmart: "The increasing levels of food and fuel inflation are affecting how customers spend," impacting their ability to buy general merchandise, Walmart CEO Doug McMillon said last week. Walmart said it would take more markdowns than it previously expected to throughout the inventory, particularly for clothing.
The company also introduced a new program for customers to buy refurbished items from brands like Apple and Samsung for cheap.
Best Buy
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Best Buy: On Wednesday, Best Buy said inflation was impacting consumer-electronics spending, and the electronics industry would be promoting more stuff.
"As high inflation has continued and consumer sentiment has deteriorated, customer demand within the consumer electronics industry has softened even further," Best Buy CEO Corie Barry said.
Gap
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Gap: Earlier this month, Gap said it has been increasing promotions to move out inventory during its second quarter, while Bath & Body Works said that it did the same as it saw store traffic slowing down.
"Customers, particularly lower-income customers, have become more cost conscious and are limiting purchases and/or seeking out lower-priced sale merchandise," the company said. "They are being impacted by the overall inflationary environment."
Target
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Target: Last month, Target said it was carrying too many big, bulky products such as furniture, televisions and kitchen appliances during its previous quarter as consumers moved away from those products. "We didn't anticipate the magnitude of that shift," Target CEO Brian Cornell said.
Target marked down some of those bigger items to make room for products in higher demand.
Discount stores
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Discount stores: Shoppers may also be able to find more bargains at closeout retailers such as TJX and Burlington, which capitalize on inventory gluts. These chains buy up high-end goods for cheap, then turn around and sell them to shoppers at a discount from their original price.
"The buying environment now is better than it has been for years," Burlington CEO Michael O'Sullivan said last month. "We're seeing brands that we haven't seen for a couple of years."
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