Summer Price Relief for American Shoppers

By: Keith Wagstaff · July 02, 2024 · Reading Time: 2 minutes

Over the past few years, prices on everything from eggs to cars have gone up in America. Consumers begrudgingly paid up, even if they weren’t happy about it. Now, the tide is starting to turn.

Companies from Target (TGT) and Walmart (WMT), to McDonald’s (MCD) and Wendy’s (WEN) have slashed prices to attract consumers.

Meanwhile, Amazon (AMZN) announced the dates of its annual Prime Day sale, with deals available on July 16-17. To be sure, Prime Day isn’t new, but it could attract even more budget-conscious consumers this year. For reference, in 2023, people spent $12.7 billion on Prime Day purchases, according to data from Adobe , a record high for the event.

Under Pressure

Successful sales don’t mean consumers are flush with cash, as data from last year’s Prime Day seems to suggest: 6.5% of purchases were made using the “buy now, pay later” option, a 20% increase from the year before. It was a sign that consumers, despite buying a massive amount of stuff, may be conscious of their spending.

The money Americans saved during the pandemic has run out, retail sales are down, and the New York Fed reported higher credit card delinquencies, suggesting the American consumer may feel less rosy about their finances.

More broadly, inflation has begun to cool, meaning consumer prices aren’t rising at the same pace they have done over the past years. Even so, it doesn’t mean that anything has gotten cheaper yet, leaving American wallets stretched.

Sales, Sales Everywhere

If you’re not a fan of Amazon, its competitors are having their own sales too. Walmart’s event, Walmart Deals, starts on July 8. Target Circle Week kicks off on July 7.

But remember, just because a website says you’re getting a good deal doesn’t mean you can’t find a product cheaper elsewhere with coupon codes, price-tracking tools, and some online research.

If you love a deal but want to stay true to your budget, consider the 30-day rule to make sure you really want whatever has caught your eye.

Looking for more stories like this? Check out On the Money — SoFi’s one-stop-shop for news, trends, and tips!

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