U.S. Shoppers Turn to Discount Stores Ahead of Holiday Season

U.S. consumers are increasingly shopping at discount stores, a sign that families are feeling the pinch from highest inflation since the 1990s as the holiday season approaches.

Spending at discount stores was up 65% last week compared with 2019, and 21% from the prior week, according to Facteus, a firm that tracks credit and debit card transactions. The discount-stores category, which includes Dollar Tree Inc. and Five Below Inc., had the largest increase by far among all types of retailers, Facteus data show.

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The sharp uptick suggests that consumers, especially lower-income households, sought lower prices wherever they could find them last week. The last time discount stores saw a large increase in spending was in March, when all retailers benefited from a $1.9 trillion relief program that sent new stimulus checks to millions of households.

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SOURCE: Financial Advisor, Jill R. Shah

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