$90 cream and $10 toothpaste: Companies target big spenders

NEW YORK — Companies from toothpaste makers to even discounters are adding more premium items like designer body creams and services as they reach out to wealthier shoppers who are still spending freely even in the face of higher inflation and a volatile economic environment.Retailers and consumer product companies felt justified in raising prices to offset higher costs from gnarled supply chains and Russia’s war in Ukraine last year.

Walmart, for instance, features high-end $90 creams in its beauty aisles at select stores. Ketchup maker Heinz released a line of chef-inspired condiments called Heinz 57, including a 11.25-ounce container of infused honey with black truffle that costs roughly $7. Last year, Colgate-Palmolive made some waves by announcing its $10 three-ounce stain remover toothpaste, its first in the U.S. at this price, noting that premium products were essential to raising prices.

Some like Chipolte Mexican Grill have even publicized they are not pursuing discount-loving shoppers. The restaurant chain has been frank over the past year about how its price increases have scared off lower-income consumers. Last fall, it introduced Garlic Guajillo Steak, a limited-time offering that was pricier than regular steak.

Critics like Rakeen Mabud, chief economist at left-leaning The Groundwork Collaborative, believe such moves will only increasingly shut out the less economically fortunate. “The movie theater is and always has been a sacred democratic space for all and this new initiative by AMCTheatres would essentially penalize people for lower income and reward for higher income,” he wrote.Households with annual income of more than $156,000 make up 20.7% of the U.S. population, according to research firm GlobalData. However, they accounted for around 38.3% of all retail spending last year, up from 37.5% in 2021.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Twitter’s $1,000 checkmark will be free for the 10,000 most-followed companiesSome accounts are more verifiable than others — for free. lol Arn't those the companies that need free checkmarks the least? TOO BIG TO VERIFY
Source: verge - 🏆 94. / 67 Read more »

Thousands of companies are vulnerable in attack on a video conference programThousands of companies using the same voice- and video-calling app are now at risk, as North Korean hackers carry out an ongoing supply chain attack.
Source: axios - 🏆 302. / 63 Read more »

Companies Continue to Retract Remote Work Pledges, Call Workers Back to OfficeRemote work options are reportedly diminishing as companies shift power back to managers who are demanding employees work in-person. ...are you happy about that? Like, why? Not seeing that. In my area, several Fortune 100 companies are selling off parts of their corporate campuses because people are working from home. Yep, the free ride is coming to an end folks. Time to grow up.
Source: BreitbartNews - 🏆 610. / 51 Read more »

Experts debunk viral TikTok videos about how companies share layoff newsThe decades-old WARN Act has gained attention as tech companies announce cuts. TikTok finally announced layoffs via the WARN act?!
Source: axios - 🏆 302. / 63 Read more »