Middle-income and wealthier shoppers, pinched by inflation, are shopping more at Dollar General for essentials and discretionary items.
Dollar General\n \n CEO Todd Vasos this week said the retail giant has been attracting customers earning $100,000 a year in recent weeks. Inflation has pushed up prices for groceries and gas, and now these shoppers are turning to Dollar General\n \n and others to try to save money. “The highest trade-in that we’ve seen and the most robust has actually been between the $75,000 and $100,000 group,” Vasos said at a retail conference Wednesday.
The trends at Dollar General show that inflation has impacted consumers’ shopping habits across multiple income levels, and it’s not the only company benefiting from the shift. “We’re seeing a very value-oriented consumer at all demographic bands and income strata,” Best Buy CEO Corie Barry said on a call with reporters last week. Rivals Dollar Tree\n \n and Walmart\n \n have also noted that they’re seeing more higher-income consumers in their stores.
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