Walmart's growth increasingly driven by wealthier shoppers, Forbes says

Upper-income households led Walmart’s U.S. market-share gains as the chain pushed faster delivery, broader assortment and a cleaner in-store experience. Store-fulfilled delivery has more than doubled over the past two years, and more than 36% of those orders in Q1 FY27 reached customers in under three hours.

Moody’s data put the top 20% of income earners at nearly 60% of personal outlays, while the bottom 80% account for about 40%, leaving more of the next dollar of growth concentrated among higher-income households. In Q4 FY26, households earning more than $100,000 made up 75% of share gains. In Q1 FY27, gains were driven by both grocery and general merchandise.

Walmart still has to win the shopper who comes in for paper towels, milk and cheap pantry staples, but it is also courting households that buy larger baskets, premium foods and higher-margin general merchandise if the trip feels easy enough. That puts pressure on merchandising, pickup staging, shelf availability and front-end service.

The company plans more than 650 remodels at Supercenters and Neighborhood Markets and about 20 new store openings in 2026 and early 2027. It also is making a multi-billion-dollar investment in U.S. stores to improve speed and convenience. At the 2026 annual shareholders meeting, Walmart outlined higher-margin commerce solutions while continuing to invest in value, convenience, associate experience and technology.

John Furner, Walmart’s president and CEO as of 2026, linked that push to investments in associates and AI-powered solutions. In Q3 FY25, households earning more than $100,000 made up 75% of share gains. In Q2 FY25, upper-income households accounted for the majority of share gains even as it kept growing among middle- and lower-income shoppers. Store teams have to keep prices sharp while making the store fast, organized and reliable enough for a customer who can shop anywhere.