Insight of the Day: Dwindling savings and changing consumer tastes have hit Target hard

Target is experiencing a significant decline in sales due to dwindling consumer savings and shifts in spending habits post-pandemic. With most pandemic-era savings depleted, consumers are spending less on discretionary items like clothing and electronics, which were previously popular. Instead, there is a noticeable shift towards services, experiences, and essential goods like food and consumables, areas where Target is less competitive compared to rivals like Walmart. Target anticipates a modest recovery during the back-to-school season but faces challenges in maintaining consistent growth​ 

Source: https://www.marketplace.org/2024/05/22/dwindling-savings-changing-consumer-tastes-hit-target-hard/