AS the prices of everyday goods soar, shoppers are about to lose deals at major retailers, one economist warns.
It comes after a major big box store has already axed its popular price-match guarantee deal.
GettyTarget has said goodbye to a beloved deal leaving shoppers furious (stock)[/caption] Fox News 17Economist Paul Traub warned that other retailers may cut price-match deals for customers[/caption]And in a volatile economy, other popular stores may follow suit.
“I think this is kind of the start of that ending,” economist Paul Traub told Fox News affiliate WXMI.
“Corporations are gonna start to say, ‘Well, we can’t keep absorbing those costs,’” he continued.
Many Target customers were unhappy with the company’s decision to axe its price matching policy.
Shopper Gary Coppen told the outlet that it will change the way he shops.
“You know, things are hard enough as it is,” he said.
“I mean, you need to make sure that you can get value.”
Meanwhile, Target customers have taken to social media to express their frustration at the change that is already impacting them.
“Target used to be the go to store for the best deals. Not anymore,” one person posted on Facebook.
“Why would I want to buy at Target when I can order through Amazon,” another posted calling it a “big mistake”.
“Well I guess I am no longer shopping at Target,” a third chimed in.
But news about Target’s decision came even before the company announced it.
A leaked memo revealing the end to the policy triggered some to threaten a boycott.
The 11-year-old policy allowed shoppers to request a price match if an identical item was sold at a lower price by competitors.
But now the policy is internal.
“Since most price matches happen within Target, we’re adjusting our price match policy to exclusively match our in store, app and Target.com pricing, including Target Plus items,” read the memo.
So if you find an item that’s cheaper at Target.com than it is at the store, you would get the cheaper price.
Target’s move comes as consumers brace for potential price hikes amid ongoing tariff negotiations around the world.
“It’s a sign that corporate companies are saying we’re responsible to our shareholders,” Traub said.
“And we can’t continue to allow our profit margins to deteriorate because of higher prices for the goods that we’re selling.”
“It’s kind of a more of a marketing thing where they can say, ‘well, we can match anybody’s price.’”
“That is where the issue is gonna start to arise- is people are gonna start to step away from that,” he added.
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