With soaring inflation prices, Walmart and Target are offering early holiday deals in October to help “ease the potential sting of holiday shopping,” according to The Associated Press.
Why are Walmart and Target starting holiday shopping early this year?
Retailers are trying to incentivize holiday shopping by starting holiday offers early to help consumers spread out holiday shopping and avoid a large shopping bill at once, per Entrepreneur.
According to The Associated Press, experts believe inflation will be a push for shoppers, in order to avoid rising prices later on in the season.
How will holiday shopping be impacted by inflation this year?
Sales are projected to be “muted” this year due to consumers’ tight budgets and rising prices. According to Reuters, sales growth is projected to slow as inflation causes spending cutbacks.
On the other hand, NBC News reported that a U.S. consulting firm estimates holiday sales will climb from 4% to 6% this year and e-commerce sales will climb from 12.8% to 14.3%.
However, sources report this will be the best buyer market in years. Retailers want to incentivize buying as much as possible through earlier shopping and early discounts.
NBC News reports this holiday season has a potential for big discounts and, according to The Associated Press, Walmart will be deepening its discounts this season.