From cashmere to faux fur, Target's holiday push centers on affordable luxury

Oct 21 — Target on Wednesday announced a holiday strategy centered on ​affordability as consumers strain under rising cost of living, featuring what it called "luxe for less" items like ‌cashmere sweaters priced as low as $45 and faux fur throws for $30.

Researchers at NielsenIQ ⁠earlier this year found ​that consumers still have a ⁠taste for luxurious items, but are being choosier ‌as prices rise.

Here ‌are some details:

• The company said in a press ⁠release it will introduce 8,000 ⁠new items for the holidays, more than half of them exclusive to Target

• Toys are a "must-win" category as the retailer is set to add 3,000 new items across its "fun101" assortment of toys, tech, gadgets ‌and fandom merchandise, Chief Merchandising Officer ​Cara Sylvester said at an event in New York on Tuesday

• Under Michael Fiddelke, who took over as CEO in February, Target is trying to recapture the combination of style and affordability that had earned it the "Tar-zhay" moniker

• Target will become the latest in a ​string of major retailers to incorporate AI into customers' shopping ‌tools, launching "Ask Target," ‌an ⁠AI chat feature aimed at helping consumers find the right items

• Early Black Friday deals will run November 5 to 7

• Target said it will feature a "deal of ‌the day" each day ​from November 1 through December ‌24

(Reporting by Nicholas ⁠P. Brown ​in New York and Sanskriti Shekhar in Bengaluru; Editing by ​Sahal Muhammed)

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