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Costco was the grocer where the largest share of high-income Americans reported making the most grocery purchases, according to a recent YouGov survey.
Eleven percent of respondents earning at least $150,000 a year said Costco was their primary grocery store. Fourteen percent chose “other,” while Kroger followed at 10% and Walmart Supercenter at 8%.
The warehouse retailer, known for its bulk goods and discounted prices, tops the rankings despite requiring shoppers to pay an annual membership fee.
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YouGov defines high-income households as those earning at least $150,000 a year, or more than 200% of US household income. The highest-income Americans make up 10% of the population, according to YouGov.
Just over half (51%) of high-income households reported spending more than $150 each week on groceries, compared to 28% of middle- and low-income households.
More than one in 10 high-income Americans reported Costco as the grocery store where they make the most purchases. (Lindsey Nicholson/UCG/Universal Images Group via Getty Images)
Walmart Supercenter was the most popular grocery store among middle- and low-income Americans, with 20% of respondents naming it as their go-to grocery store. Five percent of respondents reported Costco as their favorite grocery store.
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Walmart took second place, with 12% of low-income and low-income shoppers going there for groceries. Kroger and “other” tied for third place, with 10% of respondents choosing each.
“Although the hype says that these wealthy consumers go to the Erewhons and Whole Foods of the world, this is not the case.”
These findings are not surprising, said food industry analyst in Santa Monica, California, Phil Lempert, told Fox News Digital.
“Affluent households tend to be large households,” he said. “So it fits well with Costco’s plus-size model. Also, wealthy people shop more often, and what they want is value. One of the reasons they have more money is that they save.”
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Costco’s bulk sizes and low prices naturally appeal to large families looking to stretch their grocery dollars, Lempert said.
“Although the hype says that these wealthy consumers are going to the Erewhons and Whole Foods of the world, that’s not the case,” Lempert said.
Kroger was another supermarket chain that high-income Americans listed as a favorite grocery store. (Melissa Phillip/Houston Chronicle via Getty Images)
Costco memberships range from $65 to $130 a year, according to their website. Lempert said he doesn’t think this is prohibitive enough to deter low- and low-income Americans and that it’s worth the savings it brings.
Kroger’s prominence among affluent shoppers surprised him, though he noted that shoppers tend to shop where they live, Lempert said. Costco stores are concentrated in large metropolitan and suburban markets.
With gas prices high, consumers are less likely to drive long distances in hopes of saving money by shopping, Lempert said.
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“People are afraid of what the future looks like,” he said. “And when we start panicking, we save more. We have to be smarter consumers these days than ever before.”
To save money on shopping, Lempert offered several tips. “No. 1, always shop with a list,” he said.
Costco is known for its warehouse setup that sells bulk food at discounted prices. (Gabriel Bouys/AFP via Getty Image)
The US Department of Agriculture (USDA) sets standards for certain products, such as cheddar cheese. Cheddar cheese sold at a specialty cheese shop often meets the same USDA standards as cheese at a dairy but can cost 20% to 30% more, Lempert said.
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Seafood displayed at the counter is often pre-frozen and thawed, while comparable frozen products may cost less, Lempert said.
The best thing to do is order groceries online and pick them up yourself, Lempert said.
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Shopping strategically — whether by buying in bulk, comparing unit prices or ordering groceries online for pickup — can help consumers reduce rising food costs, he said.
