Target predicts a weak 2024 as shoppers focus on necessities

Target predicts a weak 2024 as shoppers focus on necessities

Mar 05,2024
New York CNN  — 

Target, a barometer of the American consumer, is predicting a sluggish 2024.

Target said Tuesday that it expects its sales to decline by up to 5% during the first quarter of the year. For the full year, Target projects sales to grow by up to 2%.

The company’s business has slowed since a pandemic surge in 2020 and 2021.

Target’s core middle-class customer base has been strained by higher prices and pulled back on discretionary goods, such as home decor and non-essential clothing.

Nevertheless, the company exceeded sales expectations for the holiday season, and Target’s (TGT) stock surged 8% higher Tuesday in premarket trading.

This is a developing story. It will be updated.

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