Trade-up and value-seeking consumer behavior

“What we're seeing with our members is that now, probably more than any time in recent history, that combination of newness of items, quality, and value are really important to the member. And we're seeing the member being very choiceful about how they're spending the dollars.”

“I think in terms of overall what we're seeing with the member on food and grocery, I would say that we are seeing what we think is a little bit of a shift from food away from home to food at home, and that's certainly reflected in strong meat and produce sales that we've seen in our own business.”

“We are seeing, I think, a little bit even more of a trend that we've talked about in prior quarters of bifurcation with the member where we have high-quality premium cuts. They're selling well. But we're also seeing a gravitation towards those lower price per pound items across categories like poultry, cup cuts of beef, and pork as well.”

“What was nice to see at the end of last quarter, we did see when you adjust for foreign exchange and gasoline that we started to turn positive on the items per basket.”

“That's something that we've done for the history of the company. We're going to continue to invest in price and some of it may come in holding certain prices as some commodities are starting to increase.”

“We're still seeing really good growth on the more premium meat items, but we're seeing even faster unit growth, I would say, on some of the lower-cost cut items like ground beef and poultry and pork.”

“We believe that the member is probably as much focused now on quality, value, and newness as they have been for quite some time. But they are still showing that willingness to spend; they're being very choiceful where they're spending their dollars.”

“There are a couple of categories generally that have been flatter, I would say, over recent quarters. Consumer electronics and apparel.”

“However, we continue to see our customers trading up for new and innovative products.”

“Additionally, during the quarter, we continue to see our customers trading up for new and innovative products.”

“Additionally, during the quarter, we continued to see our customers trading up for new and innovative products.”

“As it relates to ticket, as we've talked about on the few calls, I mean we've continued to see customers trade up for innovation. In fact, we really haven't seen any trade down that we haven't spoken about in previous calls as it relates to that.”

“The growth in comp average ticket primarily reflects a greater mix of higher ticket items, customers continuing to trade up for new and innovative products, as well as modest price increases.”

“As it relates to ticket, as we've talked about on a few calls, I mean, we continue to see customers trade up for innovation. In fact, we really haven't seen any trade down that we haven't spoken about in previous calls, as it relates to that.”

“The growth in comp average ticket primarily reflects a greater mix of higher ticket items, customers continuing to trade up for new and innovative products as well as modest price increases.”

“And yet while the economic data remains mixed, we see a consumer that is still willing and able to spend.”

“Yes, they're still being choiceful. Yes, they're budget conscious. And yes, they're hunting for deals and everyday value. But they're also willing to shop when they find that right combination of fashion and newness at the right price.”

“And what we're seeing in discretionary is when we offer on-trend stylish product at a great price, the consumer responds.”

“The first is continued emphasis on affordability. As we talked about, the 5,000 price reductions across everyday items was incredibly well received.”

“Given the significant headwinds they have faced with inflation over the last few years, consumers continue to focus on value as they work hard to manage their household budgets.”

“But our focus on value only begins with low prices. Whether we're highlighting compelling deals for our Target Circle members, offering an additional 5% savings to our Target Circle cardholders, designing and sourcing high quality owned brands at compelling prices, or delivering ease and convenience with Drive Up and Target Circle 360, our team is continually working to find more ways to deliver more value for our guests.”