The CEO of Dollar General is noting a shift in the definition of higher-income shoppers.

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Speaking at Goldman Sachs Global Consumer and Retail Conference, Dollar General CEO Todd Vasos said that even people making $100,000 are shopping at discount stores due to financial strain.

Vasos observed a change in customer demographics when gas prices exceed $4 a gallon, impacting consumer behavior.

Economists attribute rising consumer prices to factors like inflation and the energy blockade in the Strait of Hormuz.

“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,” said Vasos.

Vasos highlighted that Dollar General is well-positioned to cater to various income demographics amid economic challenges.

Walmart has also seen an increase in sales to wealthier customers seeking discounted products, reflecting a broader trend in consumer behavior.

Consumer prices have risen more than 30 percent in the past seven years, according to an analysis of Bureau of Labor Statistics data by The New York Times.

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