As retail prices continue to climb, cash-strapped consumers are cutting back on spending by foregoing indulgences, storing up on supplies, going without, and shopping at dollar stores for basics.
According to data issued this week by the U.S. Bureau of Economic Analysis, consumer spending increased 1.1 percent in June despite 40-year high inflation (BEA).
According to The Wall Street Journal (WSJ), grocery spending at low-cost stores surged by 71% between October 2021 and June 2022.
“While Dollar General isn’t a full-service grocery store, we consider ourselves today’s general store by providing close and fairly priced access to everyday household needs, including the elements of a nutritious meal,” a spokeswoman said.
According to data from June, 61 percent of American consumers were living paycheck to paycheck, a 5.5 percentage point rise from the previous year. Furthermore, the study revealed that 30 percent of consumers earning $200,000 or more yearly reported living paycheck to paycheck in June, a 6 % increase from June