A Walmart in Columbus, Ohio, last year. (Brian Kaiser / Bloomberg via Getty Images file)
(Brian Kaiser)
As Americans struggle with the cost of living, many are turning to Walmart to save. The discount retailer said it’s especially seeing growth among higher-income shoppers.
“The majority of our share gains came from households making more than $100,000,” John Furner, who took over as CEO at the start of February, said Thursday morning on a call with Wall Street analysts. “For households earning below $50,000, we continue to see that wallets are stretched. And in some cases, people are managing spending paycheck to paycheck.”
It aligns with a pattern experts are calling a K-shaped economy. The wealthy, benefiting from stock market gains and higher wage growth, are driving an outsize share of consumer spending.
Meanwhile, many on the lower end of the “K” are finding their…
