Research has demonstrated that resentful emotions toward the politics<em> </em>and perceptions of being culturally and economically threatened by immigration increase support for populist parties in some European countries, and that macro-level economic conditions engender those perceptions and emotions and increase populist support. This article reveals that household-level economic conditions also affect perceptions of cultural and economic threat by immigrants. Low- and middle-income populations are more vulnerable to suffer economic distress due to macro-level factors such as import shock, which can increase their resentment toward democracy, and their perceptions that immigration is a cultural and economic threat, therefore increasing the likelihood to vote for populist parties. A mediation analysis using the European Social Survey data from 2002 to 2018 provides evidence for the argument.