Posted BY: | NwoReport
Discount retailers such as Dollar General, Aldi, and Five Below are seeing wealthier customers flock to their locations amid worsening food inflation.
Retail analytics firm InMarket noted that there has been a four percent average increase in the share of individuals making more than $100,000 visiting dollar stores this year, compared to the second half of 2022. Daily surveys conducted by Morning Consult among 50,000 U.S. respondents also showed that households with six-figure incomes are 15 percent more likely to shop at dollar stores than they were last June, with the percentage rising from 39 percent to 45 percent.
Dollar General has also seen an increase in higher-income customers, with its chief financial officer Kelly Dilts saying that the retail chain had retained “a significant number of customers in higher income brackets” in recent years.” A Dollar General spokesperson said a refreshed fresh-produce section in nearly 3,900 stores might draw more customers in.
According to Wells Fargo’s Michael Liersch, wealthy shoppers have long viewed discount stores as “not for them.” However, they are increasingly recognizing the value and savings from these retailers – reflecting a shift in consumer behavior.
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Liersch, who works at the financial giant as head of advice and planning,” noted that overspending on some items was once fashionable for some. He continued: “These days, it’s about making the most of your money and not getting ripped off.”
While shopping at dollar stores remains a choice for some, it has become necessary for many Americans, especially as inflation continues to impact prices. With rising prices and a desire to make the most of their money, high-earners turn to dollar stores and discount chains for affordable options without compromising quality.