Insiders Advisor
  • Stocks
  • World News
  • Business
  • Politics
  • Stocks
  • World News
  • Business
  • Politics

Insiders Advisor

Business

Walgreens announces price cuts on 1,300 items amid ongoing consumer spending fatigue

by May 30, 2024
May 30, 2024
Walgreens announces price cuts on 1,300 items amid ongoing consumer spending fatigue

Walgreens announced Wednesday it would continue to cut prices on 1,300 items — making it the latest company to pivot to value amid signs U.S. consumers are experiencing spending fatigue.

The pharmacy chain said in a statement announcing a ‘summer of savings’ that the lower prices were in response to consumers’ ongoing struggles with elevated inflation rates that continue to bedevil the U.S. economy.

“Walgreens understands our customers are under financial strain and struggle to purchase everyday essentials,’ said Chief Customer Officer Tracey D. Brown, Walgreens’ president of retail. ‘We continue to be committed to our customers by lowering prices on over a thousand additional items, something we’ve been doing since October of 2023.’

Walgreens previously pointed to a ‘challenging’ retail environment when it announced its quarterly earnings in March.

Among the price cuts the company highlighted:

Prices may be different based on your location.

Walgreens’ announcement follows others by retail giants that also indicate greater awareness of consumers’ price sensitivities. Last week, Target announced lower costs for thousands of items in its stores , while Walmart recently unveiled an entire new line of food items costing $5 or less.

The post-pandemic economic recovery is showing signs of splitting into a ‘K’-shaped one, with more well-off people able to sustain consistent levels of spending, even amid inflation rates that continue to hover above 3%. Lower-income consumers have been cutting back more substantially.

In its monthly consumer confidence report, released Tuesday, the Conference Board business group said those making over $100,000 per year expressed the largest rise in confidence, higher overall than that of lower-income groups.

“The lower-income consumer in the U.S. is stretched … [and] is strategizing a lot to make their budgets get to the end of the month,” PepsiCo CEO Ramon Laguarta told analysts on the company’s conference call last month.

Meanwhile, other areas of the economy more closely tied to wealthier consumers continue to outperform, especially travel. Even as American Airlines announced Wednesday it was cutting growth plans, analysts said the changes did not reflect a broader pullback.

“American’s diminished [outlook] speaks far more to its flawed initial forecast than any broad-based shift in passenger demand,” JPMorgan airline analyst Jamie Baker said in a note about the airline Wednesday.

This post appeared first on NBC NEWS
previous post
T-Mobile to acquire most of U.S. Cellular in $4.4 billion deal
next post
Inflation pressure lingering from pandemic is keeping Fed rate cuts on pause

Related Posts

U.S. unemployment rate ticks up to 4.3% amid...

August 5, 2024

Peloton to start charging subscribers with used equipment...

August 23, 2024

Home prices soar even higher in February, despite...

May 3, 2024

Trump Media lost $327.6 million in the first...

May 22, 2024

Party City to close all of its stores,...

December 21, 2024

Meta announces 5% cuts in preparation for ‘intense...

January 15, 2025

Why everyone is suddenly talking about Nvidia, the...

February 25, 2024

Women’s basketball league Unrivaled secures $28M in funding...

December 17, 2024

Walmart is using its own fintech firm to...

June 11, 2025

Tesla will lay off more than 10% of...

April 17, 2024

    Fill Out & Get More Relevant News


    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Latest News

    • State Department says 59,000 tons of food assistance are in motion after reports of incinerated aid

      July 18, 2025
    • Pentagon to probe Microsoft’s use of Chinese engineers on sensitive defense systems, Hegseth says

      July 18, 2025
    • GOP senator reveals the ‘dirty’ secret to Trump’s Make America Healthy Again movement

      July 18, 2025
    • Russia says NATO threatens WWIII in latest deterrence plan that could take down Kaliningrad ‘faster than ever’

      July 18, 2025
    • Pro-Israel congressman accuses Tel Aviv of ‘mocking’ Trump with ‘suicidal’ strikes in Syria

      July 18, 2025
    • House Republicans face mounting resistance as third ex-Biden WH aide pleads Fifth Amendment

      July 18, 2025

    Categories

    • Business (1,310)
    • Politics (6,459)
    • Stocks (904)
    • World News (460)
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: insidersadvisor.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 insidersadvisor.com | All Rights Reserved