It’s official: Walmart is the newest shopping hack for wealthy families. After households earning $100,000 or more accounted for 75% of the retailer’s gains in its last quarter, Walmart said those same upper income consumers continued to drive growth in the fourth quarter.
Why are wealthier consumers flocking to a retailer known for ultra low prices? In an earnings call this month, John David Rainey, Walmart’s Chief Financial Officer, cited the retailer’s convenience and expanding assortment of products as the key drivers bringing in more of those higher income shoppers.
The major retailer has focused heavily on amping up its membership program, Walmart+. It’s done that by improving same-day and next-day delivery speeds and offering new perks for members.
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It’s also adding new products to its online marketplace, including higher-end goods like tech, premium grocery options and low price luxury-inspired fashion that has caused Walmart to go viral a few times over the past few months.
Here’s a closer look at why more wealthy consumers are signing up for Walmart+ and doing more of their shopping at the retail giant.
Walmart+ member perks keep getting sweeter
While saving on groceries and household essentials is still a selling point for inflation-fatigued shoppers, the convenience of Walmart+, the retailer’s membership plan, has been one of its biggest draws. It’s now become one of the most valuable alternatives to Amazon Prime for consumers who value speedy delivery on everything from groceries to the latest Apple Watch.
Like Amazon Prime, members get free shipping with no order minimum and early access to sales events and deals. The retailer also offers free same-day delivery on orders of $35 or more from your local Walmart store.
While fast and free delivery is a big perk, Walmart+ keeps adding more ways to save. Most recently, it added free same-day prescription delivery and free virtual pet care for all members. Those new perks stack on top of existing ones like a complimentary Paramount+ streaming subscription and up to 10 cents off per gallon of gas at over 13,000 participating stations.
If you’ve been on the fence about whether or not to cancel Amazon Prime, now is a good time to test the waters. Walmart is offering a free 30-day trial so you can see if Walmart+ is a better deal for you before deciding whether or not to commit to the switch. After that, you'll pay $12.95 per month (or $98 per year).
If you’re still on the fence even after the free trial, you can keep enjoying Walmart+ for free if you have an American Express Platinum Card. Cardholders get a statement credit worth up to $12.95 plus taxes every month when they use their Platinum Card to sign up for a monthly Walmart+ membership.
Walmart’s viral faux luxury goods make cheap look chic
As part of Walmart’s effort to expand its range of products, the retailer has added more high-end tech and home goods to its online marketplace. But it might be making the biggest splash in the fashion world. The retailer has been making headlines lately for offering designer lookalikes at Walmart prices.
Over the holidays last year, for example, Walmart unveiled an $80 handbag that looks like the iconic Hermes Birkin bag, which can cost as much as $400,000 for a limited edition design.
For shoppers who love the Birkin look but don’t want to spend nearly the average cost of a house to buy one, the Walmart Birkin – or “Wirkin” – was a steal. The viral Birkin dupe almost immediately sold out and hasn’t been restocked. Though, you can now buy authentic, pre-owned Birkin bags online at Walmart (if you’ve got $20,000+ burning a hole in your pocket).
More recently, Walmart’s expanded fashion line took social media by storm again with a $20 pair of sneakers that look almost identical to the popular New Balance 530 (which retails for $100 a pair). And reviewers swear they’re just as comfy and supportive.
As Walmart invests in expanding its fashion selection, the retailer is cultivating a reputation for selling budget-friendly fashion and accessories at prices low enough that you can still afford to splurge on a few real luxury items, like eggs.
The bottom line
Walmart has been laser-focused on expanding its ecommerce footprint over the past few years by expanding its product selection and beefing up its Walmart+ membership. Wealthy shoppers have taken notice and are taking advantage of perks like free shipping and exclusive deals to get affordable fashion, tech and more delivered to their door.
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