Best Buy will hold annual savings events in October this year instead of waiting for November and Target is moving to get ahead of Amazon and Walmart.
Best Buy Co. Inc. said Tuesday it’s planning to start its annual holiday savings events in October this year instead of waiting for Black Friday in November, in the latest sign of the struggles facing retailers.
UBS analysts are bearish for the near term and the next 12 months, because inflation remains a key concern for many. That’s combined with the end of various stimulus programs — including the resumption of student-loan payments in October. Best Buy said in August when it reported fiscal second-quarter earnings that the consumer had continued to make “careful choices and trade-offs” given a number of macroeconomic headwinds.
Best Buy said loyalty program members will be entitled to thousands of deals and discounts starting in October and will receive a $50 reward certificate for every $500 they spend. Target, meanwhile, will start its “Deal of the Day” event on Oct. 1, offering deep discounts for members of its loyalty program. The company said it would offer thousands of gifts priced at under $25 this holiday season, as well as seasonal food and beverage items starting at just $2.
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