That Mercedes in the dollar-store parking lot isn’t an illusion.
High-earners joined the rest of the country in flooding discount retailers such as Dollar General, Aldi grocery store and Five Below as prices for food and staples rose. Now, with inflation at half its peak, they aren’t letting up.
InMarket, which tracks retailer foot traffic, measured a 4% average increase in the share of dollar-store visits this year among those making more than $100,000, compared with the second half of 2022. Households with six-figure incomes are 15% more likely to say they would shop at dollar stores than they were last June, going from 39% to 45%, according to daily surveys from Morning Consult of about 50,000 Americans.
Wealthy Americans long viewed discount stores as “not for them,” says Michael Liersch, who consults with high-net-worth individuals as head of advice and planning at Wells Fargo. Yet paying $8 for a carton of eggs struck even many affluent people as ridiculous.
Overspending on things was once fashionable for some, Liersch says. “These days, it’s about making the most of your money and not getting ripped off.”
No matter how much you make, consumers say, there is no longer a stigma in going after a good deal.
www.wsj.com/articles/dollar-store-shoppers-wealthier-6e08ce1f