Walmart is known for attracting penny-pinchers.
Yet lately, the discounter is drawing wealthier shoppers to its website and stores.
Most of Walmart’s market share gains in the fiscal fourth quarter came from upper-income consumers, households with an annual income of more than $100,000, Chief Financial Officer John David Rainey said on a Thursday earnings call.
That traction with affluent shoppers has gained momentum for more than two years, as Walmart wooed inflation-weary customers and appealed to newer or less frequent shoppers by expanding its assortment of brands online, remodeling stores and offering faster e-commerce options.
In an interview in late January with CNBC, Walmart U.S. CEO John Furner said the retailer has drawn in upper-income shoppers with convenience, such as curbside pickup at stores and home deliveries in less than two hours.
For Walmart, those shoppers could help drive other parts of the business, such as advertising and its membership program Walmart+ — if it convinces them to stick around.
