It’s belt-tightening time, pretty much for everyone.
Soaring inflation, and higher prices pretty much everywhere — at the pump, in the aisles — mean that dollars simply do not go as far as they used to, or even as far as they went in 2021.
To that end, it may come as no surprise that many of us have opted to shop at discount stores to get what we need.
PYMNTS’ research, querying more than 2,100 individuals about their shopping habits, found that more than half — 56% — had shopped at a discount store in the past month (as measured in February).
As we can see in the graph at left, a significant number of consumers, too, have been visiting the discount stores even if they haven’t made a purchase, at 12%. This data point implies that individuals and families are coming through the brick and mortar doors to see what’s on offer, and comparing prices.
It is the chart at right that signals just how firmly entrenched the pivot toward finding cheaper goods really is. The stats show that more than half of all income groups — not just lower income individuals at less than $50K annually — have been shopping at discount stores.
This includes, perhaps surprisingly, those consumers who make more than $100,000 annually. And within this earnings group, a greater percentage — an additional 14% — are browsing the aisle, even if they are not making purchases. Perhaps transacting may be a question of when, rather than if.
After all, research reported last week shows that a growing percentage...
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