One of the biggest themes driving the U.S. economy and stock market right now is the idea of the "K-shaped economy." In a K-shaped economy, people at the top of the income scale get richer, while lower-income people's purchasing power declines. A widening gap, like two arms of the letter K, develops between higher- and lower-income households.
As of Q2 2025, nearly 50% of U.S. retail spending came from the top 10% of earners. This is a sign that more prosperous households are spending freely, even if lower-income consumers might be cutting back on consumer discretionary spending. In a K-shaped economy, the best retail stocks might be companies that sell to higher-income consumers, while companies that rely on lower-income consumers could see a slowdown in revenues.
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DoorDash (DASH +0.17%) could be a good investment if the K-shaped economy trend continues. That's because DoorDash is positioned to appeal to households across the income spectrum. Here are a few reasons why.
NASDAQ: DASH
Key Data Points
DoorDash is expanding its higher-income user base
Morning Consult ranked DoorDash as the No. 1 fastest growing brand of 2025, based on the percentage of U.S. adults who said they are considering making a purchase from that brand. Restaurant delivery apps tend to be most popular with younger generations (Gen Z and millennials). But according to the Morning Consult Fastest Growing Brands 2025 report, DoorDash made big gains in purchasing intent among Gen X and younger baby boomers.
Older consumers tend to have higher incomes and more wealth. This could be a sign that higher-income customers are increasingly interested in spending on DoorDash.
During the past year, DoorDash stock is up15.3%, slightly outperforming the S&P 500 index which has returned 13.4%.
DoorDash is focused on affordability
But DoorDash doesn't seem to want a reputation for being only for high-income households. If lower income consumers get tired of inflation, they might stop spending money on food delivery.
The company has released survey data saying that DoorDash consumers' household income is "broadly consistent with the U.S. population." As of 2024, 50% of DoorDash consumers had annual household income below $75,000 and 33% had annual household income below $50,000. These income ranges are about the same as the overall U.S. population. Only 14% of DoorDash consumers had incomes greater than $150,000, while 21% of the U.S. population was in this higher-earning level.
DoorDash is trying to retain lower income customers by focusing on affordability. The company's March 2024 survey found that DoorDash consumers with household incomes below $75,000 gave DoorDash high ratings for delivering good value for money. Two-thirds of these middle-to-lower income customers said it's "easy for them to order food through DoorDash on their budget." And 71% agreed that "DoorDash offers good promotions and discounts."
The average DoorDash customer is not rich. Many people at lower income levels use this platform to order restaurant meals, groceries, and other essentials. DoorDash seems well-positioned to serve the top arm of the K in the K-shaped economy, while still including less-affluent households. How can investors know for sure? Look at customer retention as a KPI. If DoorDash is keeping more of its customers, that's a good sign that the affordability strategy is working.
The company doesn't report financial results broken down by customer income levels, but it has recently reported strong consumer retention rates. As of Q2 2025, DoorDash said it was seeing a year-over-year increase in average consumer retention across mature U.S. cohorts.
DoorDash is locking in DashPass memberships
One of DoorDash's strategies to retain customers at all levels of income is by promoting its DashPass membership, which costs $9.99 per month or $96 per year. In Q3 2025, DoorDash reported that in the first nine months of 2025, it had already exceeded its full-year goal for U.S. DashPass paid member additions.
DoorDash has also said that its DashPass members have higher retention and higher order frequency. When a platform like DoorDash can deepen its relationship with customers by getting them to sign up for a recurring subscription, the customers tend to be more loyal -- and the company tends to make more money.
If affluent households continue spending freely on consumer discretionary purchases, this could be good news for DoorDash. Lower-income consumers are more vulnerable to ongoing inflation. But even these less-affluent, price-sensitive customers seem to be willing to stick with DoorDash if they can get good deals and discounts. DoorDash seems ready to bridge both sides of the K-shaped economy.
