Uber, DoorDash, and Instacart pursued affluent consumers - and their quarterly results improved significantly.
New features like hotel bookings and coffee with Uber Black rides target high-spending users.
The firms continue to serve budget-conscious customers as well.

Luxury rides, subscription perks, and similar services for high-end users are delivering gains for Uber, Instacart, and fellow gig economy platforms.

Even with climbing fuel costs and tighter household budgets, spending on ride-sharing and meal delivery remains robust, per recent corporate reports. Uber, DoorDash, and Instacart exceeded analyst projections this week, with shares rising in response.

"Not every customer feels the squeeze equally," noted Brian Mulberry, chief market strategist at Zacks Investment Management. "High-income individuals are thriving financially."

These platforms are innovating to retain wealthy users. Subscription programs that provide perks like discounts or faster service for a fee stand out.

DoorDash reported increased enrollments in DashPass, priced at $96 annually, during the first quarter. Uber boasts around 50 million subscribers to its $96-per-year Uber One, accounting for roughly half of bookings, CEO Dara Khosrowshahi shared on Wednesday's earnings call.

Last week, Uber launched several features for upscale city residents, according to Mulberry. Riders can now add drinks or snacks to Uber Black trips, or dispatch couriers to pick up items from neighborhood shops.

In March, Uber introduced Uber Elite, an exclusive service featuring professional chauffeurs and premium cars for executives and frequent luxury travelers.

Lyft has emphasized black-car options and other premium ride types in recent quarters, CEO David Risher mentioned during Thursday's earnings discussion.

DoorDash also saw growth last year with older adults, particularly baby boomers, who often hold greater wealth and spending power than younger cohorts, based on Morning Consult polling.

A 'barbell' approach

The companies are not solely chasing luxury spenders.

Instacart observed that stores matching in-app prices to physical store rates outperform those with surcharges, CEO Chris Rogers stated on Wednesday.

"Shoppers prioritize value, and our partners providing it are expanding quickest," he added.

Uber's Khosrowshahi describes a "barbell" model - balancing options for thrifty users and big spenders.

For instance, price-sensitive riders treat the app as a car substitute, a long-standing pitch from Uber and Lyft, Mulberry explained.

To them, Uber functions more as essential transport than occasional splurge.

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