Target is doubling down on its cautious outlook as it prepares for the holiday shopping season.

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.

  • Deconceptualist@lemm.eeEnglish
    122·
    1 year ago

    and things like housing are going up too

    You’ve noticed the trees but missed the forest. Housing is so astronomically worse. Sure, it sucks to buy bread, but have you looked at mortgage rates??

    • zeppo@lemmy.worldEnglish
      16·
      1 year ago

      I’m aware of the conditions of the housing market including interest rates, yes.

    • sugar_in_your_tea@sh.itjust.works
      41·
      1 year ago

      Mortgage rates aren’t the real issue IMO, but it is an indicator. The real issue is a mix of rent and food prices, which have both gone up drastically. Add to that financing costs for cars and you have basically increased the most common expenses most households have.

      Mortgage interest isn’t something the bottom 50% need to interact with, rent, food, and cars are.