Walmart customers’ household budgets still under pressure, CEO says

Walmart Inc. customers are buying more grocery staples and “in-home meal options” as household budgets remain under pressure, according to CEO Doug McMillon.

Speaking during a conference call to discuss the company’s second-quarter results Thursday, McMillon discussed what the retail giant’s customers are experiencing on a macro level. “Jobs, wages and pockets of disinflation are helping our customers, but rising energy prices, resuming student-loan payments, higher borrowing costs and tightening lending standards, and a drawdown in excess savings mean that that household budgets are still under pressure,” he said. “When you put all this together, we see families that are discerning about what they’re spending on — they are setting priorities and spending on the things they care most about.”