Dollar store chains have seen an influx of higher-income shoppers this year as economic uncertainty wobbles and households, even those that are wealthy, look to save.

“We’re pleased to see growth once again in our total customer count, with disproportionate growth coming from higher-income households,” Dollar General (DG) CEO Todd J. Vasos told investors on the company’s earnings call. The company reported same-store sales growth of 2.5% during the quarter, surpassing the Street’s expectations.

Dollar Tree (DLTR) said it gained 3 million new shoppers across all income brackets in the quarter.

Roughly 60% of its new shoppers are high-income households, which the company defined as earning over $100,000. That’s up from 50% of new shoppers earlier this year in the first quarter, according to Dollar Tree CEO Michael Creedon.

Meanwhile, 30% of those shoppers are middle-income consumers, earning between $60,000 and $100,000, and the rest are lower-income consumers, making under $60,000.

In the third quarter, Creedon said “spending growth was broad-based across all income sub-cohorts, including households earning below $20,000.”

“This demonstrates that Dollar Tree isn’t just for tough times or for those with limited resources,” Creedon told investors on the company’s earnings call. Sales growth of 4.2% was driven by its multi-price assortment.

He added, “Higher-income households are trading into Dollar Tree, [and] lower-income households are depending on us more than ever.”

Five Below (FIVE) also got a boost this past quarter. Same-store sales growth, which grew more than 14% in the quarter, was “widespread across most departments, new and retained customers, and all household income cohorts.”

The rise in shoppers turning to dollar stores and other discount retailers, such as Walmart (WMT), Costco (COST), and TJ Maxx (TJX), comes as evolving trade policy created heightened economic anxiety among both consumers and businesses over the past year.

Consumer sentiment has also waned throughout the year. It rose for the first time in five months in December.

A mixed job market has also impacted consumers’ mindsets. Layoffs year to date have surpassed 1.1 million, per Challenger, Gray & Christmas. It’s the sixth time that’s happened since 1993. In November, layoffs came in around 71,000. That’s less than the 150,000 in October but up 24% compared to last November.

During the shortened holiday week, ending Nov. 30, jobless claims — those filing for unemployment benefits — came in at 191,000, which was a three-year low. Plus, a new report from ADP out on Wednesday showed US private payrolls slowed significantly last month, with 32,000 jobs lost.

“Hiring has been choppy of late as employers weather cautious consumers and an uncertain macroeconomic environment,” ADP chief economist Nela Richardson said in the release.

Dollar store chains tend to outperform when a weaker consumer and overall economy persist.

When inflation hit 40-year highs in 2022, shares of Dollar General and Dollar Tree surged. Dollar Tree shares reached a record $174 per share in April of that year, while Dollar General shares topped out at $255 in November.

Year to date, Dollar General and Dollar Tree shares have handily outperformed the S&P 500 (^GSPC) — rising 77% and 66%, respectively — as well as larger rivals like Walmart and Target (TGT), with the former calling out higher-income shoppers visiting more frequently in recent quarters.

Now, Dollar General plans “to build on that strength in 2026” with major renovations and more stores.

“We plan to build on that strength in 2026 with plans to execute approximately 4,730 real estate projects in total, including 450 new store openings in the US, 2,000 Project Renovate remodels and 2,250 Project Elevate remodels and 20 relocations, and we plan to open approximately 10 additional stores in Mexico,” Vasos said.

Brooke DiPalma is a reporter for Yahoo Finance. Follow her on X at @BrookeDiPalma or email her at bdipalma@yahoofinance.com.

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