Is Surge in Walmart Customers With Over $100,000 Income Good?

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A Walmart Supercenter cart sits outside of the store

Published: November 20, 2024 6:40 am

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Upper-income households are increasingly shopping at Walmart Inc. (NYSE: WMT) stores.
It is a sign that inflation remains a primary concern.
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Walmart Inc. (NYSE: WMT) said that three-quarters of its market share gain was driven by people who make over $100,000, or “upper-income households.” According to CNN, it was because of the success of a plan: “Walmart, the largest retailer in the world, has drawn higher-income customers by investing in its grocery business and using its massive scale to drive down prices. It has also sharpened its assortment of clothing, electronics, home furnishings and other goods.”

Is the news good or bad for the economy? It is certainly good for Walmart because it represents a new category of customers. Presumably, these people can afford to buy more than those in lower-income strata.

The fact that people with money have decided to opt for a value-driven retailer may indicate that even those with money want bargains. And they may have decided to at least partially abandon shopping at stores with higher-priced goods.

Americans are still worried about inflation. Gallup recently found that inflation was the top concern among Americans. That topped the cost of owning or renting a home. Inflation was also the primary concern among people who lived in households with incomes over $100,000.

Is the rise in Walmart’s $100,000 shoppers an indication that inflation remains an issue even though it has dropped sharply from two years ago? Some signs point in that direction.

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