More Americans Earning $100K+ Are Shopping at Walmart: 4 Reasons They Love It
Written by
Gabrielle Olya
Edited by
Molly Sullivan
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Walmart has long been a haven for bargain shoppers, and even high-income earners are not immune to wanting a good deal. However, more wealthy Americans are shopping at Walmart than ever before. During the company’s November earnings call, Walmart CEO Doug McMillon said that households earning more than $100,000 made up 75% of the company’s market share gains in the fiscal third quarter.
Here’s why more Americans earning six figures and above are shopping at Walmart.
They Enjoy Being Able To Shop Online
Many affluent shoppers enjoy the convenience of being able to get whatever they need via the Walmart website or app, and have it brought right to their car or home.
“We deliver to you at the curb [of the store],” John Furner, Walmart U.S. CEO, told CNBC. “We deliver to your house. We deliver to your refrigerator. That whole Supercenter, which is an amazing retail format, is available in an hour or two for a large part of the country and growing really quickly.”
Being able to have items delivered to them directly may reduce any perceived stigma that comes along with shopping at the Walmart store.
“There’s a customer in America that doesn’t think of itself as a Walmart shopper,” Brad Thomas, a retail analyst and managing director at KeyBanc Capital Markets, told CNBC.
“They think of themselves as a Target shopper or a Publix or a Whole Foods shopper, and through the app and through the delivery capabilities, they can remain a non-Walmart core shopper, but get all the benefits of getting the branded items at Walmart prices.”
Inflation Affects People of All Income Levels
While people earning $100,000 and above may have more wiggle room in their budgets, they are still feeling the effects of inflation. Wealthy Americans are now comparison shopping, and may find that they are able to get better prices on the name-brand items they love at Walmart compared to Amazon or other stores.
Walmart Now Sells Premium Brands
Walmart’s online selection now includes brands that appeal to wealthy shoppers, often via third-party marketplaces. You can find items from brands like T3 and Victoria’s Secret, and even handbags from Chanel and Louis Vuitton.
Walmart Has Improved Its Shopping Experience
Walmart has made changes to its stores and offerings to appeal to more high-end buyers. This includes brighter lighting and wider aisles in stores, and the introduction of new house brands, like the BetterGoods grocery brand.
Furner told CNBC that these changes have drawn more high-earning customers to the company’s stores and app.
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