Taylor Swift. “Wicked.” “Stranger Things.” Woolrich.

Target is rolling out a string of exclusive collaborations and in-store experiences to spur holiday spending at a time of cooling consumer confidence.

Surveys point to lower spending already, as Target enters the all-important holiday season with inconsistent sales and falling store traffic.

The Minneapolis-based retailer is betting the steady stream of promotions will help attract finicky consumers. The chain also released 20,000 items under $20.

“Every week throughout the entire holiday season, consumers will see hundreds of new items, which will just keep us really fresh, keep us really exciting, keep us really relevant,” said Jill Sando, Target’s chief merchandising officer.

PwC’s annual Holiday Outlook survey, released in September, found shoppers planned to cut their holiday budgets by an average of 5% — the first notable decline since 2020.

Deloitte’s holiday retail survey showed expected spending is down 10% from last year, and more than half of consumers expect the economy to weaken in the next six months, marking the lowest point since the firm began tracking sentiment in 1997.

That could make Target’s weekly push of new merchandise a tough sell as consumers grow more concerned about tariffs and job security.

“Drop culture has evolved, creating urgency and emotional connection through frequent launches that double as micro-stores or rituals,” said Ali Furman, consumer markets partner at PwC. “But without a unifying story, too many drops risk consumer fatigue and brand dilution.”

Federal Reserve Chair Jerome Powell said Tuesday that the “outlook for employment and inflation does not appear to have changed much” since September, despite the government shutdown halting some official economic data.

A recent Goldman Sachs research note estimated U.S. consumers will likely shoulder 55% of tariff costs by the end of the year. That figure doesn’t include the potential impact of President Donald Trump’s latest threat to raise levies on China to 100%.

“We know right now consumers are really seeking out newness, and I would say, relevant newness,” Sando said. “We feel very bullish about the level of newness we’re delivering ... and what that will do to drive traffic to our different channels.”

Analysts have previously pointed to Target’s reliance on emotional appeal as a reason for its business fluctuations. While Walmart and Costco emphasize low prices, Target’s executives often use words like “joy” and “celebrate” to describe new product launches.

That framing lands best when “rooted in authenticity, shared rituals and a brand’s identity, not just sentiment,” Furman said.

Woolrich, the American luxury clothing company known for its buffalo plaid and heritage style, is Target’s latest collaboration, rolling out Saturday. The collection spans several categories, including clothing, outdoor gear, and food and beverage.

It follows recent partnerships such as the crossover with Kate Spade in April, which expanded beyond apparel to include party décor, cornhole games and a designer bicycle. Target later said it was the biggest in-store debut for a limited-time collection in the past decade.

“There’s not a single formula or playbook,” Sando said. “We want to do things that are unexpected, that are relevant, that are fun and that drives our timing and activation.”

Target has faced ongoing criticism since January, first for pulling back on diversity and inclusion initiatives and more recently for naming Brian Cornell executive chair once his tenure as CEO ends in February.

The retailer has now logged more than 20 consecutive weeks of decreased foot traffic, according to Placer.ai. The company saw a slight bump around Easter but has struggled to draw customers back since the boycott in response to DEI pullback began. The week of Taylor Swift’s album release and Target Circle Week both saw declines in store visits.

Several factors could possibly explain the slowdown, including post-holiday spending pullbacks, lower consumer confidence, tariff uncertainty and weather conditions. Other retailers the analytics firm tracks, including Best Buy and Walmart, have also seen uneven traffic in recent months.

Part of Target’s push to boost store visits involves creating more “experiential” retail moments, such as opening select stores for the midnight release of Swift’s latest album. For the Woolrich collaboration, certain stores will have displays that “immerse guests in a world of buffalo check,” according to a news release.

“When we build these programs, it’s not just the product, but it’s the product and the experience,” Sando said. “When you walk in our store, like the display, the experience that you see, when you go on our app, when you see our social media posts, we really want it to pull you into that experience.”

Target has long relied on exclusive collaborations to differentiate itself from other retailers, citing nearly 200 partnerships with “trendsetting designers” such as Missoni, Rodarte and Diane von Furstenberg.

When Target announced Michael Fiddelke, currently chief operating officer, as the next CEO, he laid out three priorities focused on rebuilding its style and design reputation, improving the shopping experience and advancing the company’s technology. He said in August the retailer “focused a bit too much on core assortments” and lost its “fashion and design leadership.”

“If you can think about what is going to be important to the consumers for the holiday season and what demand drivers will be, we do think these pop culture collaborations are going to be moments that consumers are really wanting to be a part of,” Sando said.

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