Walmart is reporting strong second-quarter sales results as the retailer’s low-price model continues to attract budget conscious consumers in a tough economic environment.
, led by purchases of big-ticket items like appliances and other things that often require financing. That’s become a problem with interest rates rising rapidly over the past year, making credit cards a much bigger burden for consumers.last month, but higher interest rates are weighing on spending more dependent on credit, like homes, cars, furniture and electronics.
Walmart is in a stronger position than many other retailers since more than 50% of its annual sales come from the non-discretionary category, food, or other goods that do not usually require credit. At Target, food is only 21% of annual sales. But the Bentonville, Arkansas, company also has said shoppers remain cautious, trading down to private label goods from more expensive national brands.
Walmart slashed the price of its online subscription shopping service in half for those on government assistance, to keep those customers. Walmart said the Walmart+ service will cost $49 a year, or $6.47 per month for those on Medicaid, Social Security, the Supplemental Nutrition Assistance Program or other programs. Its regular membership costs $98 annually.
Walmart launched its subscription service in 2020, and has been adding more perks as a way to compete with Amazon Prime, which was unveiled in 2005.
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