Target is planning an extreme clearance sale with prices as low as $1.99 on certain items such as toothbrushes, cotton balls, tablet stands, phone cases, and other household goods.

According to Axios' sources within Target, the retail giant has decided to slash prices across various categories in response to ongoing economic pressures faced by consumers.

CEO Brian Cornell recently stated that higher interest rates combined with a resurgence of student loan repayments have left many households with less disposable income. As a result, families are being forced to make difficult choices about where they can afford to spend their limited funds.

To address this challenge headily, Target has reportedly instructed its store managers nationwide to identify the lowest-priced items within each product category and then slash those prices even further by at least 50%.

For example:

* A pack of toothbrushes that normally retails for $2.99 will now be available for just $0.99

* A box of cotton balls, which usually costs around $4.99, can now be bought in bulk packs of 200 units for an unbeatable price of only $1.99

These aggressive discounting measures are part of Target's broader strategy to maintain market share and customer loyalty during these uncertain times.

In a bid to stay competitive with other retailers such as Walmart, Aldi, Lidl, Asda, Tesco, Sainsbury’s, Morrisons & Waitrose who have also been offering similar deals on essential items recently.

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