In a striking shift, Walmart has surpassed Target as the go-to retailer for Gen Z and millennials, capitalizing on trends of affordability and aspiration.
Walmart's sales soared nearly $170 billion with a notable 22% increase in e-commerce, while Target's stock plummeted 22% after failing to meet profit expectations.
Target, once the preferred brand for millennials, has struggled to keep pace, especially with the rise of influencer-driven marketing that has benefited Walmart's growth among younger shoppers.
Walmart's appeal to wealthier shoppers, earning over $100,000 annually, highlights a demographic shift, drawing customers traditionally associated with Amazon and Target.
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