Something’s off.
Shoppers aren’t showing up like they used to. Malls feel quieter. Carts? Half empty.
Retailers are freaking out. And it’s starting to show.
Prices are dropping everywhere. Big discounts. Flash sales. Coupons flooding inboxes. Feels like they’re begging.
Why? Simple. People don’t have money to throw around anymore.
Inflation crushed us for two years straight. Prices went up. Wages? Not so much.
Now, we pick what we need, not what we want. Grocery aisle? Packed. Fancy home decor? Skipped.
Price Hikes Over the Past 3 Years (Approximate US Data)
| Item Category | 2020 Avg. Price | 2023-2024 Avg. Price | % Increase |
|---|---|---|---|
| Eggs (dozen) | $1.40 | $2.75 | +96% |
| Chicken (per lb) | $1.50 | $2.30 | +53% |
| Milk (1 gallon) | $3.30 | $4.40 | +33% |
| Gasoline (per gallon) | $2.00 | $3.65 | +82% |
| Rent (national average) | $1,100/month | $1,550/month | +41% |
| Used Cars (avg. price) | $21,000 | $27,000 | +29% |
| Household Furniture | Index: 100 | Index: 120+ | +20% |
| Apparel | Index: 100 | Index: 115 | +15% |
| Utilities (Electricity) | $0.13/kWh | $0.17/kWh | +30% |
| Restaurant Meals | $13.50 avg. | $16.00 avg. | +18% |
Stores are finally catching on.
Ikea cut prices on hundreds of items. A dinnerware set now costs $29.99 — used to be $49.99. That’s a huge drop. Bookcases, beds — all marked down.
And it’s not just Ikea.
Michaels, the arts and crafts place? Slashed prices on 5,000 items. Paints, markers, paper — up to 35% off.
Even H&M joined. CEO said prices will be lower by year’s end.
Why now?
Because it’s not just low-income folks pulling back. Rich people are holding onto their wallets too. Everyone’s hunting for value. Deals. Discounts.
This isn’t just a retail problem. It’s bigger.
Two-thirds of America’s economy comes from people spending. So yeah, when shoppers freeze, everything shakes.
Retailers are nervous. You can feel it.
Zak Stambor from eMarketer said it clearly — spending isn’t horrible, but it’s not great either. People still buy big stuff like cars or go out to eat. But furniture? Clothes? Electronics? Nope.
Even Walmart is pushing down prices. And when Walmart does something, others follow.
Jesper Brodin from Ikea put it bluntly — “It’s not rocket science.” When people are broke, drop prices. Period.
Chuck E. Cheese is now “budget-friendly.” Games cost less. Food is half off. Summer deals are on.
Frida brought back 2014 prices for baby care items. A sign of the times.
It’s a race now. A big scramble to get us to spend again.
Deals aren’t going anywhere. In fact, more are coming. Loyalty rewards, limited-time offers, extra discounts — expect all of it.
Because stores know something: if they don’t win us back, they lose.