Walgreens Cuts Prices On 1,300 Items As Retailers Respond To Consumer Spending Fatigue

Walgreens has joined the growing list of retailers slashing prices in response to signs of consumer spending fatigue amid persistently high inflation. The pharmacy chain announced Wednesday that it would reduce prices on 1,300 items as part of its “summer of savings” initiative, following similar moves by Target, Walmart and Amazon Fresh.

Chief Customer Officer Tracey D. Brown, Walgreens’ president of retail, said, “Walgreens understands our customers are under financial strain and struggle to purchase everyday essentials. We continue to be committed to our customers by lowering prices on over a thousand additional items, something we’ve been doing since October of 2023.”

Among the price cuts highlighted by Walgreens are One a Day 80ct Men’s and Women’s Gummy Vitamins, now $11.99 (previously $13.49); Always Pad Mod Regular (20ct), now $6.99 (previously $7.49); Clean & Clear Foaming Facial Cleanser, now $6.99 (previously $7.99); and Eucerin Advance Repair Hand Cream, now $5.99 (previously $7.29).

The post-pandemic economic recovery is showing signs of splitting into a “K”-shaped one, with more affluent consumers able to maintain consistent spending levels while lower-income households cut back more substantially. The Conference Board business group reported that those earning over $100,000 per year expressed the largest rise in confidence, higher overall than that of lower-income groups.

PepsiCo CEO Ramon Laguarta noted, “The lower-income consumer in the U.S. is stretched … [and] is strategizing a lot to make their budgets get to the end of the month.” Meanwhile, sectors more closely tied to wealthier consumers, such as travel, continue to