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