Dollar General CEO Todd Vasos said at the Goldman Sachs Global Consumer and Retail Conference that consumers earning $100,000 a year no longer feel like high-income shoppers due to sustained inflation and rising gas prices. He noted that these shoppers are now behaving more like lower-income consumers, adjusting their purchasing habits amid economic pressures, according to fortune.com.
Vasos explained that core Dollar General customers, defined as those earning less than $45,000 annually, typically change their shopping patterns when gas prices hit $4 per gallon. They tend to shop closer to home, buy smaller quantities, and increase shopping frequency. However, the current economic environment, marked by ongoing inflation and a national average gas price of $4.476 per gallon, has led even middle- and upper-middle-income shoppers to adopt similar behaviors, the CEO said, per fortune.com.
This shift reflects broader trends in consumer behavior amid inflationary pressures that began during the COVID-19 pandemic. Walmart has also observed more affluent customers turning to discount retailers. The rise in fuel costs, partly driven by geopolitical tensions affecting oil markets, has further strained household budgets, pushing a wider range of consumers toward bargain shopping at discount chains like Dollar General.
The national average gas price has increased from $3.189 a year ago to $4.476 per gallon, with diesel prices reaching $6.50, according to AAA data cited by fortune.com. These price hikes are influencing shopping habits across income levels, as noted by Dollar General's CEO at the September 2026 conference.