Nervous retailers slashing prices amid shopping slowdown [Video]

In response to changing consumer shopping habits and inflation, U.S. retailers are reducing prices on thousands of products.Numerous retailers have announced price cuts in recent weeks, aiming to attract shoppers back into their stores. “Price cuts are a proven lever to drive sales and grab attention,” said Zak Stambor, a senior analyst at eMarketer.Michaels, the arts and crafts store with over 1,300 locations in the U.S., announced last month that it was reducing prices on 5,000 products. During its most recent earnings call, clothing chain H&M stated that it anticipates its prices will be lower at the end of this year compared to the beginning.Stambor noted that the majority of the items seeing a reduction in prices are considered discretionary purchases, or items that are nice to have but not essential. “So all the categories where it’s non-essential discretionary spending, retailers are having to convince consumers to open their wallets …