Oct 21 (Reuters) – Target on Wednesday announced a holiday strategy centered on affordability as consumers strain under rising cost of living, featuring what it called “luxe for less” items like cashmere sweaters priced as low as $45 and faux fur throws for $30.
Researchers at NielsenIQ earlier this year found that consumers still have a taste for luxurious items, but are being choosier as prices rise.
Here are some details:
• The company said in a press release it will introduce 8,000 new items for the holidays, more than half of them exclusive to Target
• Toys are a “must-win” category as the retailer is set to add 3,000 new items across its “fun101” assortment of toys, tech, gadgets and fandom merchandise, Chief Merchandising Officer Cara Sylvester said at an event in New York on Tuesday
• Under Michael Fiddelke, who took over as CEO in February, Target is trying to recapture the combination of style and affordability that had earned it the “Tar-zhay” moniker
• Target will become the latest in a string of major retailers to incorporate AI into customers’ shopping tools, launching “Ask Target,” an AI chat feature aimed at helping consumers find the right items
• Early Black Friday deals will run November 5 to 7
• Target said it will feature a “deal of the day” each day from November 1 through December 24
(Reporting by Nicholas P. Brown in New York and Sanskriti Shekhar in Bengaluru; Editing by Sahal Muhammed)
