JAN 3rd 2023 update
Some dealers went back to $299, but MS has as of yesterday dropped this deal, reducing the Xbox Series S to $249 and removed an extra $10 off to $239,
https://www.microsoft.com/en-us/d/xbox-series-s/942j774tp9jn?activetab=pivot:overviewtab
This has prompted several retailers to drop the price to $249, including
Gamestop who removed their $299 listing pretty fast after.
Verizon is going even cheaper than MS after their $10 off, with the lowest price of $229,
https://www.verizon.com/products/microsoft-xbox-series-s-console/
In the UK,
Microsoft has slashed prices £25.00 off £249.99 for the Series S to £224.99,
Argos has gone further, and took £40 off the Xbox Series S dropping it down to a low of £209.99!
https://www.argos.co.uk/product/844...MXxOfDB8WXww&dclid=CLrV6-jgqfwCFWsPaAgdBGQPpg
Other UK retailers are also doing discounts gradually reversing their $299.
I suspect, that Microsoft saw the data and want to prevent a post holiday 2014 Xbox One fiasco by raising the price up back to $299, after
two months in a row of BF level sales or better, and since we are now in the third month it would be close to impossible for Microsoft to expect sales goals to be met at $299.
I think it's likely they will stop being stubborn and keep the Series S officially at $249 MSRP and that equal for other countries, which are also putting S on sale. There's still a chance at the end of the month MS decides to go with $299 but that would be an incredibly risky and nonsensical business move.
At this point I believe that
consumers are so used to $249 at minimum (or less) that anything higher than that price will be a hard sell. Plus, Microsoft has the Series X for those who want to spend more and want the better spec, they already knew the Series S would be the entry level console so I suspect they saw this coming and will be smart to prevent turning off customers by raising it back to $299. Of course, it's not impossible, they could raise the price universally back to $299, that would be a Don move though.
So it looks like for Jan another month of Series S discounts.