Inflation has become such a problem that high-income-class Americans have begun opting for shopping items at destinations like Walmart.
Walmart’s reputation as a discounter is attracting more upper- and middle-class consumers to its stores, said John David Rainey, the company’s chief financial officer, in a recent interview with CNBC. Budget-strapped consumers are “trading down” in terms of quantity and quality purchases. For instance, they are buying items like beans and canned tuna rather than beef or deli meats. “Clearly, they’re stressed from higher gas prices, higher food prices, and even housing,” he said.
