Dollar General CEO Says $100,000 Earners Now Shop Like Low-Income Consumers as Inflation, Gas Prices Bite

Dollar General CEO Todd Vasos said consumers earning $100,000 or more are increasingly shopping like lower-income customers, citing sustained inflation and elevated gas prices that have eroded the value of six-figure salaries. Speaking at the Goldman Sachs Global Consumer and Retail Conference on Tuesday, Vasos said core customers earning under $45,000 alter behavior when gas hits $4 a gallon, buying closer to home and in smaller, more frequent trips. He added that middle- and upper-middle-income shoppers are now exhibiting similar patterns, telling the company they "don't feel like I'm higher income at $100,000 any longer." The national average gasoline price stands at $4.476 a gallon, up from $3.189 a year ago, according to AAA, while diesel has reached $6.50. Vasos said Dollar General's 2,000 items priced at or below $1 position the discounter well across demographics. August retail sales rose 1.2%, beating expectations, as consumers remained resilient on continued employment.