As prices rises, lower-income consumers curb their spending habits, while higher-income shoppers show resiliency, according to the stores that cater to them.
David Paul Morris / Bloomberg via Getty ImagesNEW YORK, May 26 — Earnings from retailers this week illustrated a split in shopping patterns of more- and less-affluent Americans dealing with the highest inflation in four decades.
Stores under the Dollar Tree banner delivered their strongest quarter in company history. Same-store sales surged 11.2%. Although households earning less than $75,000 yearly were “most affected” by inflation, Gennette said, they spent more time shopping at Macy’s discount outlets. Michael Witynski, Dollar Tree’s CEO, said he was ramping up investments in labor, distribution and its supply chain.
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