As grocery inflation eases, retailers are rolling out discounts to attract shoppers back to their stores this summer. Walgreens recently announced price cuts on a variety of goods, following in the footsteps of other national brands like Target and Amazon Fresh. This trend comes as a relief after years of rising prices, with grocery prices currently 25% higher than in 2020 but showing a slight decrease in April.
According to Joe Balagtas, a professor of agriculture economics at Purdue University, shoppers have been switching retailers or brands to cope with high prices. With prices now falling, retailers are seizing the opportunity to win back customers. Balagtas notes that Americans typically spend about 11% of their income on food, so any decrease in prices will be beneficial for many.
Retailers like Aldi, Amazon Fresh, Target, and Walgreens are offering significant discounts on a wide range of products. Aldi is reducing prices on over 250 items, estimating savings of $100 million for shoppers. Amazon Fresh is cutting prices on 4,000 items, with discounts of up to 30% on various categories. Target is marking down prices on about 5,000 items, including daily essentials like milk, meat, and fresh produce.
Walgreens, in an effort that began in October 2023, is lowering prices on 1,300 items. Walmart has also increased its price cuts, reducing prices on nearly 7,000 items across the store. Additionally, Walmart introduced the BetterGoods brand, offering affordable grocery items that cater to popular dietary preferences.
With retailers across the board offering discounts and price cuts, shoppers can expect to see savings on a wide range of products this summer. The competition to attract budget-conscious consumers is heating up, making it a great time to stock up on essentials at lower prices.