Retailers jacked up prices and squeezed consumers. They might have just blinked

Retailers are lowering prices on thousands of products as consumers pull back on spending. Inflation has squeezed Americans’ budgets, forcing them to choose between wants and needs. This slowdown in spending is a problem for the whole American economy, as consumer spending accounts for about two-thirds of it. Retailers have been announcing price cuts in an attempt to entice shoppers back into stores. The price drops are primarily focused on discretionary purchases, such as clothing and decorative items. Higher-income groups are also tightening their belts, leading retailers to consider targeted deals on higher-priced discretionary merchandise.