Americans are reeling from a cost-of-living crisis that’s squeezing even the biggest earners in the country. John Furner, the CEO of Walmart, says that even wealthier shoppers are going to the budget grocery chain as high prices stretch family finances to a breaking point.
“We do continue to see the higher-income customers coming to Walmart,” Furner told reporters during the retailer’s annual shareholders’ week in Bentonville, Arkansas, last week. “We’re meeting more of them, they’re buying more, they’re coming more frequently.”
Walmart’s lower-income shoppers have shown “more signs of stress” under the current economy, Furner pointed out. And they’re not the only ones being more strategic with their budgeting; more six-figure earners are turning to discount grocery chains as food costs are inflated by spiking oil prices, tariffs, and global trade uncertainty.
“That’s really the stress point, is the price of fuel,” the CEO continued. “Hopefully we see some relief on energy prices.”
Walmart has seized the moment, wielding its size and influence as America’s largest food retailer to absorb fuel cost increases and keep prices competitively lower, company executives said. However, that could change in the coming months if gas continues to stay at its current high.
America’s cost-of-living crisis is sending six-figure earners to discount grocery stores
Shoppers are gawking at their climbing receipts as food costs continue to climb. The median price of a cold brew coffee has increased 3.7% since May 2025, while burgers have shot up 2.4%, in the same time, according to Toast. And the costs of grocery run essentials have soared; the typical price of a pound of ground beef hit a record $6.90 per pound last month, up from about 19% from a year ago. Orange juice prices skyrocketed 21% between January 2025 and February this year, and sandwich bread got 4.3% more expensive.
Now, Americans are pulling back on entertainment and travel to put food on the table. Around 75% say that they’ve cut spending on other expenses to be able to afford groceries, according to a 2025 survey by Swiftly.
And earlier this month, the CEO of discount grocery store Dollar General, Todd Vasos, revealed that the chain’s shoppers are cutting back on food and other household goods. And it appears to be an escalation from the growing alarm raised by food companies that said that customers were on the hunt for bargains, but were still buying the same amount of food. Now, even shoppers at the budget store are pulling back on the amount they’re picking up.
“Our core customer continues to be financially constrained,” Vasos told analysts last week. “This pressure has been more pronounced on customers in rural communities, as they work to minimize trip distance and make trade-offs in their search for everyday affordability and value.”
Even those who have been considered rich for making over $100,000 are resorting to penny-pinching habits.
More than seven in 10 of six-figure earners now shop at discount grocery chains to save cash, according to a 2025 report from Clarify Capital. And their financial woes are bleeding into most parts of their lives; around 74% also said they’re cutting back on dining out, 54% are skimping out on entertainment, 51% are getting thrifty with buying clothes, 49% are scaling back their subscriptions, and 49% are spending less on travel.
“In today’s economy, income alone doesn’t guarantee financial peace of mind,” the Clarify Capital report said. “High earners are feeling squeezed by inflation, stressed by social pressure, and more mindful about what it really means to be well-off.”
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