Rich People Are Now Flocking To Discount Stores Like Aldi

Discount stores like Aldi, Dollar Tree, and Walmart have been celebrated for some time for their low prices by shoppers looking to stay within a tight budget, but now shoppers of all income levels are flocking to these stores to score as many great deals as they can.

According to research published in The Wall Street Journal and conducted by InMarket, a company that keeps tabs on consumer data, 4% more shoppers with incomes over $100,000 were shopping at dollar stores in the first half of 2023, compared with late 2022. Thanks to factors like inflation and egg prices going through the roof, those earning more than $100,000 said they are 15% more likely to shop at a dollar store compared to last June.

But it's not just dollar stores that are getting new business from richer shoppers. Aldi is cashing in, too. Shopper Morgan Pierce, for example, makes $200,000 per year and shops at the German grocery giant. "A carrot is a carrot is a carrot," Pierce shared.

Your dollar goes further at discount stores – no matter what your income

It's not just richer consumers who are shopping at Aldi. In December 2022, Business Insider reported that Aldi had announced it had started seeing more middle-class folks — those earning between $50,000 and $100,000 — at the store in addition to their rich counterparts. "Right now especially, everybody's shopping for value," said retail executive Suzy Monford. Such value at Aldi might include the grocery store's less-expensive produce or its own brand-name foods, which allow Aldi to sell them for lower prices.

More high-income customers are choosing to buy their groceries at Walmart, too. As of August 2022, the retail giant's market shares in food had increased, with three-quarters of the increase being contributed to shoppers who made more than $100,000, according to CNBC. "In Walmart's U.S. business, we have seen mid-to-higher income customers come to Walmart looking for value," said the company's CEO Doug McMillon. "As you would expect, food and consumables, in particular, are places where they're looking to save some money" (via Reuters).