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.
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.
According to the Daily Mail, Dollar General often sells food items at significantly lower prices than its counterparts.
A pair of steaks costs almost $32 at Whole Foods, but Dollar General sells it at $9. The Jeff Bezos-owned grocery sells butter at $9.99, but the discount retailer only sells it at $4.45. Whole Foods sells flour at $6.39, but Dollar General sells it at a cheaper $4.50.
Even wealthy people find it ridiculous to spend excessive amounts for groceries, as evidenced by several high-income earners who shared their stories to the Wall Street Journal (WSJ).
Autry Liggett, who works in operations for a Santa Barbara, California-based hedge fund, used to exclusively shop at high-end chains like Whole Foods. But after discovering the value of discount retailers through 99-cent kombucha and probiotic drinks, he has since frequented the 99 Cents Only store. According to him, he now buys vitamins that he used to purchase for $25 at Whole Foods at a cheaper $1.99. (Related: Americans relying more and more on DOLLAR STORES as inflation worsens.)
Morgan Pierce, who works at the McDonald's corporate office in Chicago, said she shops at Aldi and local dollar stores without hesitation. She told the WSJ that "a carrot is a carrot is a carrot."
Executive transition consultant Bob Gillman has been shopping at Aldi and other discount chains for years. He pointed out that regardless of income, people prefer not to overspend on everyday items when they can find them at lower prices.
"We see lots of people driving Porsches, Mercedes-Benz [cars] and BMWs in the parking lot [of these discount retailers," he said. "No matter how much you make, you don't want to spend $4 on an avocado when you can get one for 59 cents."
Check out Grocery.news for more stories about soaring prices in supermarkets.
Watch this video about Dollar Tree announcing more price hikes.
This video is from the Pool Pharmacy channel on Brighteon.com.