Walmart CEO says shoppers are being more selective as they deal with inflation

As the nation’s largest grocer, Walmart has used low-priced groceries to attract customers — including wealthier ones. About 75% of its market share gains in grocery came from shoppers with an annual household income of more than $100,000 in the past two quarters.

Yes some of this is obvious but the details are interesting. Walmart has a ton of data.

Scariest quote in the entire interview:

Last month, Walmart Chief Financial Officer John David Rainey told CNBC that people are buying cheaper proteins such as hot dogs, beans and peanut butter instead of more expensive meats

Ruh roh.