Wal-Mart attracts American wealthier shoppers

Photo Source: By Aaron F. Stone - Own workPreviously published

As a result of inflation, high-income-class Americans are increasingly shopping at Walmart for items.

In a recent interview with CNBC, Walmart's chief financial officer John David Rainey said the company's reputation as a discounter is attracting more upper- and middle-class customers. Purchasing quantities and quality are being reduced by budget-strapped consumers. Rather than beef or deli meat, they buy beans and canned tuna. Gas prices, food prices, and housing prices all contribute to their stress, he said.

The use of credit over debit is increasing among some shoppers, Rainey said. CFO noted that three-quarters of the company's market-share gains in food came from consumers with annual household incomes over $100,000.

17 August 2022