Walmart has seen an increase in sales driven by higher-income consumers, indicating they are choosing the retailer for its affordable but higher-quality offerings, especially in groceries and health products.
CEO Doug McMillon stated, "We're also seeing higher engagement across income cohorts, with upper-income households continuing to account for the majority of gains, even while we grow sales and share among middle- and lower-income households."
Despite economic concerns, Walmart's success stems from consumer shifts towards budget-friendly yet quality products, with its 'Bettergoods' brand successfully attracting affluent shoppers seeking healthier options.
Walmart's revenue growth to $169.3 billion shows resilient consumer spending trends, as customers prioritize value and affordability amid cooling inflation and a sluggish job market.
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