Dollar General CEO says consumers making $100,000 a year don't feel like high-income shoppers anymore as high gas prices and inflation reshape habits | Fortune
Dollar General chief executive Todd Vasos told attendees at the Goldman Sachs Global Consumer and Retail Conference that the prolonged period of high inflation has reshaped spending patterns across the income spectrum, with even those earning $100,000 a year no longer feeling like high‑income shoppers.
Shopping Behavior Changes
Vasos explained that shoppers whose household earnings are under $45,000 tend to adjust their purchasing habits when gasoline prices reach the $4‑per‑gallon mark. Those consumers usually shop closer to home, increase the frequency of trips, and buy smaller quantities each visit. He said the heightened visit rate reflects uncertainty about what the coming weeks will bring, prompting shoppers to purchase what they can when they can. He added that the sustained inflationary pressure is causing middle‑to‑upper‑middle‑income buyers to act more like lower‑income shoppers.
Gasoline Prices Rise
According to the American Automobile Association, the national average price for gasoline has climbed to $4.476 per gallon, up from $3.189 a year earlier. Vasos linked the jump to disruptions in global oil markets tied to President Donald Trump’s conflict with Iran. Diesel prices have also surged, now hovering around $6.50 a gallon, which raises the cost of freight and, consequently, the price of goods transported by truck.
Broader Inflation Pressures
Beyond energy, Vasos highlighted that utility bills, vehicle purchases—both new and used—insurance premiums, food costs, and caregiving expenses have all risen sharply. He noted that even earners of $100,000 or more are reporting that they no longer feel financially secure. “What we’re hearing more and more from them is ‘I don’t feel like I’m higher income at $100,000 any longer,’ because of all of the headwinds that I just mentioned,” Vasos said.
Consumer Resilience
Despite these challenges, Vasos pointed to the continued employment of many Americans as a key factor in consumer resilience. Recent retail‑sales data for August showed a 1.2% increase, surpassing expectations, and a 1.1% rise when gasoline is excluded from the calculation. He believes that as long as jobs remain stable, Dollar General’s shoppers will find ways to cope with the inflationary environment. “Having 2,000 items at or below $1 is very meaningful for the consumer, always has, but especially in this environment,” he added.
Economic Anxiety among Six‑figure Earners
A Harris Poll survey conducted last year revealed that 64% of respondents earning six figures view their income as merely the minimum needed to stay afloat rather than a milestone of success. The same poll showed that even individuals making $200,000 or more are turning to financial tactics traditionally associated with lower‑income households. Sixty‑four percent said they have used rewards points to cover essential purchases, half have relied on “buy now, pay later” options for items under $100, and 46% depend on credit cards to meet everyday expenses.
Source: fortune.com · 2026-09-20