Walmart announced its annual holiday sales events are coming back with significant deals as the company tries to lure in budget-conscious shoppers and reaffirm its dominance during the critical shopping period.
The retailer holds three major sales events, dubbed Walmart Deals Events, with loyalty members getting priority access. The first event will run from Nov. 14 to Nov. 16, with Walmart+ members getting five hours early access online beginning the evening of Nov. 13. The second event will run from Nov. 25 to Nov. 30 with Walmart+ members getting five hours early access online beginning Nov. 24 at 7 p.m. ET, and the last event will kick off on Cyber Monday.
Walmart U.S. CEO John Furner said that some products will be up to 60% off with "thousands of deals under $20."
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It's a tactic to lure in shoppers who are feeling the pinch.
On Tuesday, Bank of America Chairman and CEO Brian Moynihan cautioned that while the American consumer remains a powerful force keeping the economy afloat, the middle class is beginning to feel the strain.
His comments came shortly after the August retail sales report, released last month, showed that spending rose for a third consecutive month, though the gains were largely driven by a smaller subset of higher-income shoppers. September retail sales data has not yet been released by the Commerce Department due to the ongoing federal government shutdown.
The top 10% of earners, earning at least $250,000, now account for almost half of the spending in the second quarter, according to Moody’s Analytics.
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Joe Feldman, managing director and senior research analyst at Telsey Advisory Group, told FOX Business that every retailer is trying to emphasize value to consumers amid the challenging environment and tariff-related price increases.
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The challenge they are working to overcome is how to get shoppers to spend more.
"People have been shopping more frequently and spending less to stretch their dollars," Feldman said. "Consumers are focused on value, including private brands, and they remain selective with discretionary purchases."
Competition has also become more rigorous as companies launch similar rival deals. For instance, Amazon kicked off October with its highly anticipated Prime Day event while Best Buy revealed its annual Black Friday sale will kick off on Oct. 31 with "DoorBOOsters." There will be additional deals every Friday through the holiday season.
This year, Feldman believes that the promotions will be used to offset some of the tariff-related price increases and that they may not be as steep compared with prior years as inventory seems to be in good shape. For instance, products may be 30% off instead of 40%, he added.
