Major retail behemoths Walmart and Kohl's simultaneously launched their holiday sales in a race to pull in shoppers amid a slowing economy.
On Monday, the "Walmart Deals" holiday savings event kicked off, offering shoppers a range of discounts online through Thursday. The deals span several categories including electronics, home, fashion and toys. Similar to years past, this is just the first of a handful of sales events that the Arkansas-based retailer plans to debut this season.
Kohl's also launched its Deal Dash event on Monday. The event will run through Wednesday at more than 1,100 stores across the nation as well as online. The discounts will span several categories and include in-house and national brands like Nike, Adidas and Levi’s, according to Kohl's.
RECORD ONLINE DISCOUNTS THIS HOLIDAY SEASON EXPECTED TO DRIVE SPENDING
Amazon is slated to kick off its second major shopping holiday event this year– dubbed "Prime Big Deal Days" – starting Tuesday.
Prime Dig Deal Days is another 48-hour shopping holiday that will give Prime members exclusive discounts for thousands of items across the marketplace. It comes after Prime Day, its highly anticipated shopping event, in July.
The holiday sales are kicking off at a time when Americans are still tightening their wallets due to inflation and high interest rates.
Consumer spending, which plays a critical role in driving the economy, was weaker than expected during the second quarter, according to the Bureau of Economic Analysis.
US CONSUMER CONFIDENCE DROPS FOR SECOND STRAIGHT MONTH, RECESSION FEARS RISE
Still, retailers are rolling out competing deals to lure in shoppers in hopes that consumers will continue to shell out for the holidays.
Target already got a head start on its sales promotion, Target Circle Week, which offered discounts to members during the first few days of the month.
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Despite the economic conditions, Walmart previously expressed confidence in consumers' willingness to spend during holidays.
"Consumers are not compromising on some of the holiday seasons," Walmart CFO John David Rainey told analysts in August, adding that around holidays like the Fourth of July consumers have shown "a willingness to spend."
Adobe recently projected that online shopping sales in particular over the holiday season – spanning Nov. 1 to Dec. 31 – will reach $221.8 billion. Last year, online holiday sales climbed to $211.6 billion, according to Adobe.
