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The American middle class is one group that suffers from the effects of inflation and rising prices. For those of you who don’t know, according to census data, people with a median household income between about $50,000 and $150,000 are considered middle class.
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As for food prices, they are outpacing overall inflation: Food prices rose a total of about 25% from 2019 to 2023, according to the U.S. Department of Agriculture.
As prices continue to rise, the middle class is wondering how much longer they’ll be able to afford to shop at their favorite stores. Here are five stores the middle class may not be able to afford within the next decade.
Whole Foods Market
Let’s be honest: Whole Foods isn’t the grocery store you go to to save money. It’s a high-end grocery store with products that are full of high-quality ingredients.
While prices are rising at most grocery stores and retail chains, Whole Foods is raising its already high prices even further. This means not only do you pay more for specialty items that you can’t get at other stores, but you also pay more for grocery staples that are easily available at competitors.
apple
Cell phones and laptops play an important role in the lives of many Americans, but the latest prices for Apple products might make you think twice about buying the latest mobile phone.
The latest iPhones can easily cost over $1,000, and when it comes to items like the MacBook Pro, the price can exceed $3,000.
There’s no doubt that Apple is one of the most respected brands in the world. The company even goes so far as to coat its products in gold to appeal to more luxury-minded buyers. “In essence, Apple is a premium brand masquerading as a luxury brand,” says Retail Dive.
Samsung
It may not help much if middle-class people switch to Samsung in the next few years: Samsung phones currently cost about the same as Apple phones.
Rising costs of parts and technology will continue to be passed on to consumers: As prices outpace wages, more middle-class consumers may have to look beyond Apple and Samsung for quality phones and laptops.
Saks Fifth Avenue
As clothing prices continue to rise, luxury retailers are becoming less affordable for middle-class shoppers, especially as more affordable stores offer bigger discounts and loyalty programs to lure struggling shoppers.
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For example, Saks Fifth Avenue is currently priced out of reach for many American families, and if prices continue to rise steadily over the next few years, outpacing wage growth, the retailer may have a hard time attracting middle-class shoppers.
Bloomingdale’s
There’s another luxury retailer that may struggle to attract budget-conscious shoppers over the next decade.
Even now, people are cutting back on spending for quality: According to PYMNTS, “two-thirds of middle-income consumers say rising retail prices in the last year have caused them to cut back on non-essential spending, and 41% say they have cut back on the quality of the things they buy.”
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This article originally appeared on GOBankingRates.com: 5 Stores the Middle Class Won’t Be Able to Shop at Within 10 Years