Many Americans are having trouble with money. They are going to Walmart to save costs. The store has seen more rich shoppers buying its products.
John Furner, the new CEO of Walmart, said most new customers earn more than £100,000 a year. He noted that shoppers with lower incomes are still struggling to pay bills. They often run out of money before their next paycheck.
This situation is part of a pattern called a K-shaped economy. In this pattern, rich people do well, but many poorer people find it hard to keep up with rising prices of food, housing, and childcare.
Walmart is known for its low prices. The store said there are many job losses, low customerconfidence, and problems with student loans. Other stores are also seeing rich shoppers buy more.
Walmart’s sales in the last quarter grew by 4.6%. However, the company’s stock fell because its profit forecast was low. Walmart is also planning to use more technology to save costs.
Test Your Understanding
Start Quiz
Vocabulary List:
6 words · tap to reveal
OFF
AccentSpeed
Economy/ɪˈkɒnəmi/noun
The system by which goods and services are produced and exchanged in a society.
Shoppers/ˈʃɒpərz/noun
People who are buying goods from a store.
Struggling/ˈstrʌɡlɪŋ/verb
Having difficulty or challenges in maintaining a situation or task.
Confidence/ˈkɒnfɪdəns/noun
The feeling or belief that one can rely on someone or something; firm trust.
Customer/ˈkʌstəmər/noun
A person or organization that buys goods or services from a store or business.
Technology/tɛkˈnɒlədʒi/noun
The application of scientific knowledge for practical purposes especially in industry.
