FLEMING ISLAND, Fla. – A Jacksonville financial expert said corporations slashing prices for inflation may help shoppers, but it isn’t guaranteed to be good for the economy.
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Shoppers at the Target in Fleming Island gave their thoughts on inflation and the cost of groceries.
“I feel like I go to wherever the sales are at that very moment rather than before I would just go to Walmart and just go shopping,” Bri Babcock said.
Another shopper talked about how inflation has affected their shopping habits.
“We use Target Circle to save money but there are certain items we just have to let go right now,” Joann Duffy said.
Target is the latest major retailer to announce it’s slashing prices on 5,000 separate items they sell.
This follows McDonald’s announcing that it’s bringing back a $5 meal to its menu and Aldi said it’s cutting $100 million in prices through Labor Day.
Ron Heyman, Financial Planning Program Director at the University of North Florida, said it may help shoppers but isn’t guaranteed to be a good thing for the economy.
He pointed out that Target has been losing sales while Walmart is gaining them.
“Less people are going in Target stores and that’s a reason for the price drop to get more people in the door. Walmart on the other hand had a pretty interesting earnings report and they have seen a huge increase in the number of shoppers at Walmarts who have household incomes in excess of $100,000,” Heyman said.
This trend goes in line with what shoppers are saying.
“The inflation is ridiculous. Summer is coming and we’re going to be home with our kids but it’s hard to make payments on everything else with food going up,” Duffy said.
Carl Finger, another shopper, said the prices need to come down.
Babcock said the prices are a burden on her family.
“I can’t afford anything right now. We are a household of five and we spend a tremendous amount of money on groceries,” Babcock said.
The slashed prices are not guaranteed to last forever.
McDonald’s $5 meal promotion ends June 25. Aldi’s will last until Labor Day. Target said it “routinely adjusts its prices to ensure it is competitive”.