Target is once again taking the lead in the holiday season with its fall deals, known as Circle Week. The event will run from Oct. 1 to Oct. 7, starting a week earlier than Walmart’s “Holiday Kickoff” sale event from Oct. 9 to Oct. 12 and Amazon’s two-day “Prime Big Deals Day” scheduled for Oct. 10 and 11.
Last year, Target’s “Deal Days” started on Oct. 6, marking one of the earliest dates for holiday deals offered by the store. This trend of earlier promotions has been observed over the past four years, as retailers recognize the advantage of targeting consumers early. In 2019, Target’s holiday deals didn’t begin until Nov. 8.
Steve Sadove, senior advisor for Mastercard and former CEO and Chairman of Saks, noted the significance of this early approach, saying, “You have again some of this ‘get the consumer early’ type of an environment.” With consumers expected to tighten their budgets this holiday season, retailers need to be proactive in capturing their attention and dollars.
Mastercard released its annual holiday sales forecast, predicting a 3.7% growth in retail sales for the holiday season from Nov. 1 to Dec. 24. This is a decrease from the 7.6% growth witnessed in 2022 but in line with Deloitte’s prediction of a 3.5% to 4.6% sales growth from November to January.
In response to the expected demand, Target announced plans to hire nearly 100,000 seasonal workers, similar to last year’s hiring figures. These new positions will be mainly concentrated in the company’s stores, along with some supply chain roles.
Holiday hiring has presented challenges for retailers in recent years due to a tight labor market and high consumer demand. However, with a projected slowdown in consumer demand and signs of a cooling labor market, this year’s holiday hiring may be less challenging.
Macy’s also indicated a reduced need for seasonal hires this year, seeking 38,000 employees compared to 41,000 in 2022 and 76,000 in 2021.
Overall, Target’s Circle Week deals aim to outdo competitors Amazon and Walmart, targeting consumers early and providing attractive holiday offers. With the holiday season outlook suggesting cautious spending, being ahead of the game will be crucial for retailers vying for consumer attention and loyalty.