The middle class in America has been among the groups struggling with the effects of inflation and rising prices. In case you were wondering, based on Census data, you are considered middle class with a median household income between about $50,000 and $150,000.
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As for food prices, they have been outpacing the overall inflation rate. According to the U.S. Department of Agriculture, food prices rose a total of about 25% from 2019 through 2023.
As prices continue to rise, members of the middle class are wondering how much longer they’ll be able to afford to shop at some of their favorite stores. Here’s a look at five stores the middle class may not be able to shop at in less than a decade.
Let’s be honest, Whole Foods isn’t the grocery store where you go to save money. This is a high-end grocery store with products full of higher-quality ingredients.
While prices are rising at most grocery stores and retail chains, Whole Foods is increasing its already higher prices. That means, in addition to high prices for special products you may not find at other stores, you’ll pay more for grocery staples that you could easily find at the competition.
Phones and laptops play important roles in the lives of many Americans. Yet, if you look at the latest prices on Apple products, it may have you thinking twice about getting that latest phone.
You can easily spend more than $1,000 on the latest iPhone. When it comes to an item like the MacBook Pro, those prices can be more than $3,000.
There’s no doubt Apple is one of the best-regarded brands around the world. It’s even dipped products in gold to appeal to more luxurious-minded buyers. “What it means, is that Apple is a premium brand masquerading as a luxury one,” according to Retail Dive.
The middle class may not find much relief by turning to Samsung in the coming years. Currently, Samsung phones can cost you about as much as ones from Apple.
The rising costs for parts and technologies will continue to be passed on to shoppers. As prices outpace wages, more middle-class shoppers may need to look beyond Apple and Samsung to find a quality phone or laptop.
As prices for clothing continue to rise, high-end retailers are becoming more difficult for middle-class shoppers to afford. That’s especially true as more budget-friendly stores offer bigger discounts and rewards programs to bring in struggling shoppers.
Saks Fifth Avenue, for example, currently has prices that are beyond the reach of many households in the U.S. Over the next few years, assuming prices continue to steadily rise and outpace salaries, it may be tough for this retailer to bring in middle-class consumers.
Here’s another high-end retailer that may struggle to attract budget-minded shoppers in the next decade.
Even now, people are cutting back when it comes to spending for quality. According to PYMNTS, “Two-thirds of middle-income consumers said they have cut down on nonessential spending due to retail product price increases last year, and 41% have cut back on the quality of their purchases.”
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This article originally appeared on GOBankingRates.com: 5 Stores the Middle Class Won’t Be Able To Shop At in Less Than a Decade
