Vasos defined Dollar General's core customers as those making less than $45,000 a year. He noted that these shoppers change their behavior when gas prices hit $4 a gallon. The national average price of gasoline is $4.476 a gallon, up from $3.189 a gallon one year prior. The price of diesel is $6.50 a gallon.

"But the interesting thing with this economy, because of the other sustained headwinds of inflation over the years that have passed, even that middle to upper middle is acting more like a lower-income shopper these days," Vasos said. He added that core customers tend to buy closer to home, shop more often, and buy less on each trip when gas prices are high. Shopping frequency increases because customers do not know what the next week will hold and will buy what they can, when they can.

Vasos stated that consumers earning $100,000 a year or more report not feeling like higher income earners due to economic headwinds. "I would tell you, 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." A Harris Poll survey found that 64% of six-figure earners said their income is merely the bare minimum for staying afloat.

The survey also found that 64% of earners making $200,000 or more have used rewards points to pay for essentials. Additionally, 50% of earners making $200,000 or more have used 'buy now, pay later' plans for purchases under $100. Another 46% of earners making $200,000 or more rely on credit cards to make ends meet.

Michael Green is the chief strategist and portfolio manager for Simplify Asset Management. Green argued in a Substack post that the real poverty line should be $140,000. "If the crisis threshold—the floor below which families cannot function—is honestly updated to current spending patterns, it lands at $140,000," Green wrote. Vasos attributed consumer resilience to continued employment.

Retail sales increased by 1.2% in August. Retail sales increased by 1.1% in August after excluding gasoline. He stated that having 2,000 items at or below $1 is meaningful for consumers, especially in the current economic environment. He said Dollar General is positioned to service different demographic groups.

Why It Matters

The comments from Vasos highlight a shift in consumer sentiment among higher-income brackets, suggesting that inflation and energy costs are affecting a broader segment of the population than traditionally considered low-income. This aligns with data showing that even earners making $200,000 or more are utilizing credit and payment plans for essential goods.

The rise in gasoline prices to $4.476 a gallon serves as a specific trigger for changes in shopping behavior, such as increased frequency and smaller basket sizes. With retail sales showing modest growth, the reliance on discount retailers like Dollar General indicates ongoing economic pressure across multiple income levels.

Timeline

On September 15, 2026, Dollar General CEO Todd Vasos stated that consumers earning $100,000 or more no longer feel like higher-income earners due to sustained economic headwinds, including inflation and high gas prices, during the Goldman Sachs Global Consumer and Retail Conference. Also on September 15, 2026, Vasos noted that consumers earning $100,000 or more are not feeling like high-income earners anymore, as mentioned in a transcript from Dollar General's earnings call. On September 20, 2026, Vasos mentioned that consumers making $100,000 a year or more are feeling the economic squeeze, as noted in an article from FinanceBuzzBlog.com.

What's New

Additional reporting indicates that Dollar General CEO Todd Vasos stated that consumers earning $100,000 or more no longer feel like higher-income earners due to sustained economic headwinds, including inflation and high gas prices, during the Goldman Sachs Global Consumer and Retail Conference on September 15, 2026. Further details from a transcript note that he stated that consumers earning $100,000 or more are not feeling like high-income earners anymore during Dollar General's earnings call on September 15, 2026. An article from FinanceBuzzBlog.com published on September 20, 2026, reported that Vasos mentioned consumers making $100,000 a year or more are feeling the economic squeeze. VCP Trading reported on September 20, 2026, that he stated even those making $100,000 a year or more are feeling the economic squeeze.

Vasos also provided context on store accessibility, stating that Dollar General stores are within 5 miles of 75% of the U.S. population. He noted that many Dollar General customers ride a bike or walk to stores. Previously, during the second-quarter earnings call in late August, Vasos told investors that core consumers were in distress and stretched.

How Sources Differ

Sources differ on specific details regarding Dollar General's reach and customer base. Todd Vasos stated that Dollar General stores are within 5 miles of 75% of the U.S. population, while the Goldman Sachs Global Consumer and Retail Conference agenda or transcript notes that Vasos spoke at the conference. Regarding customer definitions, Vasos stated that many Dollar General customers ride a bike or walk to stores, whereas the Goldman Sachs Global Consumer and Retail Conference transcript records that Vasos defined Dollar General's core customers as those making less than $45,000 a year. The conference agenda confirms Vasos's attendance, while the transcript provides his definition of core customers.