Walmart’s membership program, Walmart+, is pulling in younger, higher-income shoppers, according to a research note published Tuesday by Deutsche Bank.
The subscription service — which launched almost exactly one year ago — has grown to an estimated 32 million U.S. households, according to the equity research firm. In the note, retail analyst Krisztina Katai said Walmart+ has hit an “inflection point” after months of slower growth.
About 25% of respondents said in June and July that they have Walmart+, Deutsche Bank said. That’s up from prior months, where penetration hovered around 19%. In comparison, about 57% of survey respondents said they belong to competing membership program, Amazon Prime, according to the most recent survey.
