JCPenney plans to keep prices low for holiday shoppers

It’s technically only October but for all intents and purposes, we’re already in the midst of the holiday shopping season.

Shoppers’ budgets are a little more pinched this year, given nearly three-quarters (73%) of Americans said they’re concerned about the effect inflation will have on prices, according to JCPenney’s inaugural “Make It Count” Holiday Report that surveyed consumers on their expectations for holiday shopping.

• The survey also found that half of Americans are going to have to make trade-offs this year, and 22% said they anticipate having to take out a loan, borrow money, or incur debt to afford holiday shopping.
• Two-thirds of those shoppers expect to take on more than $1,000 in debt after this year’s holiday shopping season.

And JCPenney is taking its own survey to heart with its approach to the holidays. The company has committed to holding or even lowering prices on some of its most popular products. According to the retailer, a wide range of popular, gifted products across categories will remain flat to match 2019 prices.

• Additionally, starting November 3, shoppers can shop Black Friday deals, and these savings events will continue throughout the month and continue into mid December.
• CEO Marc Rosen, who took over in 2021 after the company’s May 2020 bankruptcy, told reporters on a call Monday that JCPenney has been working to diversify its product selection and ensure that it offers a better value proposition than other department stores.

“We understand how important and also at times how stressful the holidays can be for our customers,” Rosen said, “which is why we want to make sure that they don’t have to make trade-offs when they’re shopping for holiday gifts, hosting essentials, or for the perfect festive outfit to help celebrate the season.”