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Axios reports that "the supply-chain woes that thwarted holiday shoppers last year are mostly resolved … Now Walmart, Target, Kohl's and other major chains report surging inventory levels. People have stopped shopping for stay-at-home items like pajamas and electronics.

"The glut has led to huge markdowns and sales, including rare discounts at Target and 'aggressive' markdowns at Kohl's."

The bottom line, Axios writes, is that "consumers were flush with cash last year. That turned into higher demand, putting more pressure on companies to buy.

"But rising inflation, plus the post-pandemic rebound in spending on travel and entertainment, have left stores with fewer eager customers — and with overstocked shelves."