On behalf of wallets everywhere, we're sorry 💸. Even though money is tight for a huge number of Americans, it looks like shoppers are...still out shoppin' 👜.
People of all incomes are dealing with the highest inflation in over 40 years 😨. Earnings reports for January, February, and March from major retailers give us the inside scoop on shoppers' spending habits. Who is shopping and what they are buying!
Here’s Five Fast Facts on the latest findings:
- 👠 OMG SHOES! - According to research, the high-income crew (those earning more than $75k/year) is more immune to inflation than lower-income earners. Reports from luxury department stores show significant spending on shoes, suits, and designer dresses by, you guessed it, folks with extra money.
- 🎯 Target Run - Households making less than $75K per year have been hit the hardest by inflation, spending more time shopping at discount retailers like Walmart, Kohl's, and Target.
- 💲 (3-5) Dollar Tree - Financial reports from stores under the Dollar Tree brand umbrella revealed an 11.2% sales increase. They've also started pricing certain items between $3 and $5; Gone are the days of true “dollar stores.”
- 📊 Prepping For Profits - The CEO of Dollar Tree says he's gearing up for big growth by spending more on labor and supply chain-related expenses.
- 👑 Ballin' At Bloomie's - High-end retailer Bloomingdale's (fun fact: owned by Macy's) saw an increase of 28% in sales during the first quarter. Their research shows consumers making $75K per year or more were strong spenders.
🔥Bottom line: Shoppers gonna shop, regardless of what the economy's doing. It seems like those bringing home the big paychecks aren't as affected by inflation as lower-income folks 💁. That being said, we all still have to head to the store to get what we need.
Has inflation changed your spending habits? Let us know by connecting with us on Social Media and be sure to share this newsletter with any friends & coworkers!
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