(YAHOO NEWS) – Cash-strapped shoppers are flocking to discount stores as inflation bites.
According to credit and debit card transaction data from Facteus, first reported by Bloomberg, spending at discount stores jumped by 65% in the week ending November 7 versus the same period in 2019. That was the largest jump in discount store spending since March, when government stimulus checks were sent to millions of US households, boosting sales at retailers. Discount store spending was up 21% from the week before, according to Facteus.
Discount stores – chains such as Dollar General and Dollar Tree – saw the retail sector's largest increase in spending by far, according to the data, indicating that shoppers are favoring deals and discounts in today's inflationary environment. The data also doesn't account for all the shoppers that paid in cash, which is common in low-cost stores.
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