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Wal-Mart Sees Shifts In Shoppers’ Habits
Financial insecurity is forcing Wal-Mart shoppers to change buying habits, cut credit card use and live more paycheck-to-paycheck, the CEO of the U.S. division of the world’s largest retailer said.
Economic pain is leading to what Eduardo Castro-Wright termed “disturbing behaviors” among shoppers over the past few months.
For instance, more families are buying baby formula at the start of the month when they are more likely to have money. In the past, he said, the chain hadn’t noticed such surges in formula sales.
A double-digit decline in credit card use at Wal-Mart stores in the second quarter this year sharply contrasts with the first quarter of 2007, when a vibrant economy was resulting in double-digit increases in card use.
“Credit has been declining dramatically,” said the Ecuador-born executive who has run Wal-Mart Stores USA for three years. “That decline in credit means people have to make choices about how they spend their hard-earned money.”
The observations are significant because of Wal-Mart’s massive scope, with 4,000 U.S. stores. Castro-Wright said nine out of 10 American families shop at Wal-Mart at least once a year.
Photo by JMiller.
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Jaclyn on October 27th, 2008 1:24 pm
I’m not suprised at the decline in credit card sales at wal-mart or the change in shopping habits. It’s happening everywhere to everyone, wal-mart is no exception to the rule. People are realizing that the more they charge, the more they have to pay back…it’s not free money people! So everyone is cutting back on their shopping and changing when they shop for the times when they will have more money or less bills to pay that week.
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