Target CEO Brian Cornell says shoppers are pulling back, even on groceries, as they feel stressed about their budgets.
In an interview with CNBC’s Becky Quick that aired Thursday morning, he emphasized that the retailer has posted seven consecutive quarters of declining sales of discretionary items, such as apparel and toys, in terms of both dollars and units.
“But even in food and beverage categories, over the last few quarters, the units, the number of items they’re buying, has been declining,” he said in the interview.
I’m still buying things, but only because I plan for it (with the exception of taking advantage of a very short term deal with smile direct club to straighten my teeth for $1000 this week, which I had savings that could cover it). Just a few years ago I was quite comfortable and able to buy luxury items on a fairly regular basis. Today I’m working a second job to make ends meet.