When you think of the American Express Platinum Card, what comes to mind? Maybe access to Centurion Lounges at the airport? A luxury stay booked through Fine Hotels & Resorts? Or perhaps using your credits to shop at Saks Fifth Avenue?
I’ll admit that back in 2022, I was baffled by including a Walmart+ statement credit on a card with a $695 annual fee. Platinum Cardholders seemed like the last group to be shopping at Walmart.
I Was Wrong About Walmart’s Appeal
According to Kiplinger’s, households earning $100,000 or more accounted for 75% of Walmart’s gains in the last quarter. And that’s no accident. Walmart’s Chief Financial Officer, John David Rainey, cited the retailer’s convenience and expanding product selection as key reasons why higher-income shoppers are spending more there.
Why High-Income Shoppers Are Choosing Walmart+
Part of the draw for affluent shoppers is Walmart+, which many see as a solid alternative to Amazon Prime. The membership offers free same-day delivery on orders over $35 from local stores, plus new perks like free same-day prescription delivery and virtual pet care. These benefits stack on top of existing ones, including a complimentary Paramount+ streaming subscription and up to 10 cents off per gallon at over 13,000 participating gas stations.
How Walmart+ Shifted Our Shopping Habits
Since signing up for Walmart+, we’ve shifted some of our Amazon purchases to Walmart. Now, I’m not hunting down Walmart’s version of a Birkin bag or knockoff New Balance sneakers, but we have been doing more grocery shopping there.
I’ll always own up to my mistakes, and I’ll gladly admit—I didn’t see Walmart successfully courting affluent shoppers coming.
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