Dollar General’s newest shopper: People making $100,000 a year

General Dollar (DG) CEO Todd Vasos said this week that the retail giant has been attracting customers earning $100,000 a year in recent weeks. Inflation is driving up the prices of groceries and gasoline, and now these shoppers are turning to Dollar General and others to save money.

“The highest and most robust trade-in amounts I’ve seen so far were actually between $75,000 and $100,000,” Vassos said at a retail conference on Wednesday. He added that he first shopped at Dollar General in the early days of , and is now back.

Dollar General is a lifeline for low-income shoppers, especially in rural areas where there are few other retail options. According to the company, a “core customer” makes him less than $40,000 a year.

More chains have been added in recent years discretionary On shelves such as home goods and beauty products to attract more affluent customers.

Dollar General’s trends show that inflation is impacting consumer shopping habits across multiple income levels, and the company isn’t the only one to benefit from this shift.

“We have very value-oriented consumers in all demographics and income groups,” Best Buy CEO Corey Barry said on a conference call with reporters last week.

rival dollar tree (DLTR) When walmart (WMT) We are also noticing that we are seeing higher-income consumers in stores.

Dollar Tree CEO Mike Witinski said last month that the majority of the chain’s new customers over the past year have annual household incomes above $80,000.

And Walmart CFO John David Rainey said: CNBC Last month, about three-quarters of the company’s second-quarter food market share gains came from customers with an annual household income of $100,000 or more.

High-income diners are also avoiding expensive restaurants from budget-friendly chains like Applebee’s and IHOP.

Sales on two chains owned by dining brands (DIN)according to company CEO John Peyton, increased about 6% to 8% among households with incomes over $75,000 a year in the second quarter.

Source: www.cnn.com

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