Walmart is thriving over Target, partly thanks to young consumers. Last quarter, Target’s stock dropped by 22% after it missed profit forecasts, while Walmart reported nearly $170B in sales and a 22% increase in e-commerce sales in the same time frame. A key factor in Walmart’s success is its new appeal to higher-income households, which accounted for 75% of its recent gains. Younger consumers have also increased their online shopping at Walmart by 18%. In comparison, some say Target has been slow to adopt effective marketing strategies toward young gens and its higher grocery prices are less attractive—even though recently we’ve seen Gen Z leaning towards luxury grocery shopping. It does still get Millennials with their “high-end aesthetics and designer collabs,” but Gen Z are clearly more interested in budget right now. (Fortune)
📊 YPulse data: 67% of 13-39-year-olds shop for clothing, beauty products, and home goods at mass merchandise retailers / big box stores
