Walmart shoppers are feeling the crunch of higher prices at the pump, and it could be a sign of where the economy is heading.
Walmart CFO John David Rainey said during the retailer’s latest quarterly earnings call this week shoppers were filling their gas tanks with fewer than 10 gallons of gas on average for the first time since 2022.
“That’s an indication of stress,” he said during the call.
While high-income customers are doing fine and spending robustly, he said, the same can’t be said about lower-income consumers.
“The lower-income consumer is more budget conscious and perhaps navigating financial distress,” he added.
