Inflation Brings Upper-Income Americans To Walmart – By Panos Mourdoukoutas Ph.D. (International Business Times) / Aug 17, 2022
Inflation is bringing a new crowd of shoppers to Walmart: high-income earners looking for low grocery prices. It has provided a boost to the retail giant’s market share in this product category.
Walmart CFO John David Rainey told CNBC this week that about 75% of the company’s market share in second-quarter grocery revenue came from customers with an annual family income north of $100,000.
Walmart’s jump in the grocery market share and better inventory management helped the company earn $1.77 EPS in the most recent quarter on $152.9 billion in revenue. Both figures are higher than analysts’ estimates, sending the company’s price of shares sharply higher on Wall Street.
For years, Walmart was the destination for low and middle-income shoppers, who sought low prices to balance the family budget. Soaring inflation in recent months has changed that, as Walmart has become a shopping destination for all income demographics.
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