Target rolls out Deal Days before Amazon's holiday discounts
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Holiday sales are coming even earlier this year as retailers hope to get consumers excited and stave off a slowdown in demand. Target (NYSE:TGT) is kicking off its biggest "Deal Days" event - featuring hundreds of thousands of items from Oct. 6-8 - and will commence its "Holiday Price Match Guarantee" as of today. Amazon (NASDAQ:AMZN) is also holding an "Early Access Sale" for Prime members next week, marking the first time the e-commerce behemoth has ever done two Prime Day events in one year.
Bigger picture: The early deals could work in their favor. A recent Bankrate survey has found that half of all winter holiday shoppers plan on starting their buying before Halloween. Only 12% will wait until December to take out their wallets for the holidays, with many fearful of the supply chain snarls that have occurred over the past couple of years. Some even hope the early action could provide a boost to the sector, with the SPDR S&P Retail ETF (NYSEARCA:XRT) down 34% YTD to trail the performance of the broader market. Retail stocks are on watch as signs of a disappointing holiday season emerge
"Holiday shopping will look different this year with inflation around 40-year highs," noted Ted Rossman, senior industry analyst at Bankrate. "Consumers are still spending, but they're being especially thoughtful about where each dollar goes."
Case in point: 84% of holiday shoppers are implementing measures to reduce the cost of their purchases, like taking advantage of more coupons, discounts and sales. Nearly 3 in 5 (59%) plan to buy fewer items than in previous years, while 21% are opting for cheaper brands. Furthermore, 17% of those who plan on holiday shopping are redeeming rewards to offset costs, and another 17% plan to shop at outlets where they have loyalty programs or store credit cards.