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Higher income shoppers are making up the bulk of customers driving market share gains for one of the nation’s largest retail behemoths, the Washington Post reports.
Shoppers from households earning more than $100,000 made up 75% of Walmart’s market share gains in the third quarter, chief executive Doug McMillon said Tuesday during the company’s third-quarter earnings call. The gains could position Walmart for a successful holiday season.
“The fourth quarter will be fun to watch,” McMillon said, adding the company expects “it will be similar to the kind of momentum that we’ve seen in the first three quarters.”
The Bentonville, Arkansas-based retailer raised its full-year forecast from 4.8% to 5.1% sales growth.
Walmart, often seen as an indicator for the health of U.S. consumers, is drawing more customers for grocery and general merchandise, as consumers still grapple with prices that are higher than pre-pandemic levels.
The retailer has recently focused on bringing in wealthier consumers. Walmart earlier this year announced its Bettergoods private label, which featured organic and “healthier” products and expanded its pickup and delivery programs.
