Target releases its cheapest-ever Thanksgiving meal deal

In the United States, Target has announced a significant reduction in the price of its Thanksgiving meal bundle, lowering it to $20, a $5 decrease from the previous year. This change is part of a broader strategy, with approximately 8,000 products being discounted as the retailer aims to attract consumers facing inflation. The meal deal caters to four people and includes traditional holiday items like a frozen turkey, potatoes, and stuffing, featuring both name brands and Target's Good & Gather label. The current economic climate shows a shift in consumer behavior, as rising food prices have moderated, and shoppers are now more demanding of affordable options. With food price inflation noted at only 1.3% annually as of September 2023, retailers are responding by offering discounts. Target's chief commercial officer Rick Gomez emphasized the importance of affordability, paralleling similar strategies from competitors like Aldi and Walmart, who are also lowering prices in response to consumer care for expenses during the holiday season. Consumer habits are changing as they increasingly favor private label brands over name brands. Target's approach to cutting prices has so far seen positive feedback, indicating that customers are being choosy about their purchases, seeking to stretch their budgets further by considering bulk purchases or smaller options. Ultimately, the retailer anticipates that its pricing strategy will continue to drive traffic and sales, even as it cautiously adjusts its overall sales projections, highlighting a significant trend within retail leading up to the holiday season.