Dollar Tree will raise its price cap to $7 as it experiences an influx of shoppers earning yearly salaries over $125,000, company officials said.

“This year, across 3,000 stores, we expect to expand our multi-price assortment by over 300 items at price points ranging from $1.50 to $7,” Dollar Tree CEO Rick Dreiling said, according to a report.

An increase in the discount giant’s price cap comes only a few years after Dollar Tree increased the base price of items to $1.25 and months after the price cap was increased to $5, the report noted.

Personal care, pet products, foods, and snacks are anticipated to be the items nearing the $7 figure as wealthier shoppers fill the aisles.

“Dollar Tree added 3.4 million new customers in 2023, mostly from households earning over $125,000 a year,” according to Dreiling. “The fastest-growing demographic is north of $125,000 a year in income.”

“It’s not like the Northeast is strong and the West is weak. That boat is lifting pretty even all the way up.”

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Despite an increase in more well-off shoppers, Dollar Tree netted a $1.71 billion loss at the end of the fiscal quarter on Feb. 3, and the chain has announced the closure of around 1,000 stores.

In 2024, $31 billion to $32 billion are the expected sales figures, the report noted.