(CBS Boston) — Some welcome news for shoppers getting squeezed by inflation: promotions on televisions, furniture, clothing, sporting goods, and other big-ticket purchases are ramping up.
Target, Walmart, Best Buy, Urban Outfitters, and other top retailers have said in recent weeks that they are sitting on too much inventory for some of their products. As a result, they plan to mark down prices and step up sales on those items to clear the glut.
It marks a major reversal from much of 2021, when discounts on big-ticket items were scarce for consumers.
Last year, big chains dialed back on promotions because products were in tight supply due to production bottlenecks and slowdowns at key global ports.
Stores and brands were able to sell merchandise at full price to consumers who had built up savings while staying home during the pandemic and were eager to spend big on their homes and wardrobes.
