What do we call permanent price reductions on specific items throughout the year?

The correct term for permanent price reductions on specific items throughout the year is "markdowns." Markdowns represent a deliberate pricing strategy where the original price of an item is reduced to encourage sales or clear inventory. This permanent change in price can be based on various factors such as the item's seasonal relevance, product life cycle, or changes in consumer demand.

Discounts, while similar, usually refer to temporary reductions on prices that can apply to sales promotions or specific time-limited offers. Seconds refers to items that are slightly defective or of lesser quality, typically sold at a reduced price but not necessarily linked to a permanent reduction in price. Sales refer to promotional events that usually have a set duration, during which products are offered at lower prices for a limited time, rather than a change to the item's permanent pricing structure.