Retailers are seeing large amounts of inventory in certain types of products and are being forced to sell them at a discount or halt purchasing from certain vendors in order to get rid of the excess that may be taking up valuable space in warehouses. The main reason? Consumers preferences have shifted through the Pandemic up to now.
For example, more people are searching for back to office apparel in lieu of athleisure wear. During the pandemic many people were buying things for their homes, such as patio furniture, but this has begun changing post pandemic. There is more demand now for grocery items and cosmetic goods as more people are back out in about in public. In addition, there has been a decline in consumers discretionary income. People are back out spending on the things that they couldn’t during the Pandemic such as on vacations or eating out.
Major retailers such as Target, Macy’s, Gap, Wal-Mart and Costco are all making drastic changes to pricing on certain items as we head into summer. Consumers can expect to find some great deals on TV’s, household goods and athleisurewear now and into the coming months!