Walmart shoppers are filling their gas tanks with less than 10 gallons for the first time since 2022, and its CFO calls it ‘an indication of stress’
Walmart shoppers are now filling their gas tanks with less than 10 gallons on average, marking a significant change since 2022. This trend indicates financial stress among lower-income consumers, as gas prices have surged to an average of $4.55 nationwide. The rising costs have contributed to increased inflation and changing consumer behavior across various retailers.
- ▪Walmart's CFO noted that shoppers are filling their gas tanks with fewer than 10 gallons for the first time since 2022.
- ▪The national average for gas prices has risen to $4.55, a 42% increase from the previous year.
- ▪Lower-income consumers are becoming more budget-conscious due to rising prices and inflation.
Opening excerpt (first ~120 words) tap to expand
Walmart shoppers are feeling the crunch of higher prices at the pump, and it could be a sign of where the economy is heading.Recommended Video 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. Rainey’s comments come as the national average for gas prices stood at $4.55 Friday, a whopping 42% increase from a year ago.
…
Excerpt limited to ~120 words for fair-use compliance. The full article is at Fortune.
Discussion
0 commentsMore from Fortune
