By Rajwa Quasim
Dollar General’s chief executive says the strain from sustained inflation and rising gas prices has reached a point where even households earning $100,000 a year no longer feel financially comfortable.
Speaking at the Goldman Sachs Global Consumer and Retail Conference, CEO Todd Vasos said the discount retailer is seeing financial strain “across all cohorts of income levels,” not just among its traditional lower-income customer base. He said middle- and upper-middle-income consumers are also changing their shopping habits as the cost of everyday necessities remains high.
Vasos said Dollar General has long tracked a specific threshold for its core customers: Once gas prices rise above $4 per gallon, consumer shopping behavior tends to shift. Instead of making fewer but larger shopping trips, customers tend to visit stores more frequently but spend less during each visit. They buy only what they immediately need and may make more than four trips a month, compared with about two previously.
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This also means customers tend to shop closer to home, where Dollar General has a large network of stores. According to Vasos, the retailer has a store within five miles of roughly 75% of the U.S. population.
Dollar General considers consumers earning $100,000 or more to be higher-income shoppers. However, Vasos said these consumers no longer feel financially comfortable because of inflation, gas prices and other financial pressures.
Despite the pressure, Vasos described the American consumer as resilient overall, with employment serving as a key stabilizing factor. He said that as long as consumers remain employed and earn enough, the core shopper “figures it out,” while Dollar General can provide options for those who feel “the strain.”
For the retailer, this could create opportunities across different income groups. Dollar General’s low-priced products, including about 2,000 items priced at or below $1, remain relevant as consumers face financial pressures.
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The Income Paradox Survey, conducted by Harris Poll, highlights that even earning $200,000 a year no longer guarantees financial comfort for many Americans. Nearly one in three six-figure earners say they feel financially stretched, while 64% view such income as enough for survival rather than wealth.
Gasoline prices and inflation have also raised the cost of basic goods and services. The national average price of gasoline reached $4.47 a gallon, compared with $3.18 a year earlier. Diesel prices have also climbed, increasing transportation costs and contributing to higher prices for everyday necessities.
Some consumers are also relying more heavily on credit cards to cover expenses after running out of cash. Buy now, pay later services are being used on a larger scale by households earning more than $200,000. More than half of consumers in that income group say they would need to double their income to feel financially secure.