Wednesday, June 5, 2019

This statistic is a key reason why Walmart, Target and Costco are thriving while other retailers aren’t

Retailers should take note that the spending power of sticker-conscious shoppers is on the rise. Bank of America Merrill Lynch in a new research report said purchases made by low-income consumers (U.S. households making less than $50,000 per year) grew 6% this past April from a year ago, outpacing both middle- and upper-income consumers’ spending growth across the country.

Consumer confidence remains high despite an ongoing trade war between the U.S. and China, and unemployment levels remain low. And so many low-income shoppers have been encouraged at the start of the year to spend a little more. But they’re not going to Tiffany or Nordstrom to do that. They’re just spending more at places like Walmart and Dollar Tree. . . . more