As inflation hit its highest level in four decades – more than 9% — consumers have changed their buying habits to save money as a result. With rising gas and food prices, other regions have seen their sales fall. It’s no more obvious than with a mega retailer Walmart, which has begun lowering prices for clothing and high-end goods to help free up shelf space and move products.
With shoppers redesigning their baskets to see where they can cut back, there has been less discretionary spending on non-essentials. This leads to retailers like Walmart and Target, to have a backlog of inventory that they cannot move. Walmart, for example, dropped hundreds of products in “Rollback” sales, from high-end tech like iPads and the Meta Quest 2, to underwear and sneakers.