CNBC reports that the Walmart+ membership program, launched a year ago as a response to Amazon Prime, has grown to a membership level of about 32 million US households, according to an estimate from Deutsche Bank.
The story says that "about 25% of respondents said in June and July that they have Walmart+, Deutsche Bank said. That’s up from prior months, where penetration hovered around 19%. In comparison, about 57% of survey respondents said they belong to competing membership program Amazon Prime, according to the most recent survey.
"There is significant overlap with the programs: About 86% of current Walmart+ subscribers have Amazon Prime, according to Deutsche Bank’s survey. They have similar demographics, too: About 61% of Walmart+ members earn an annual household income of more than $50,000, and 33% make $100,000 or more per year, versus 63% and 28% with Prime members, respectively."
- KC's View:
That's a pretty strong number for a program that is barely a year old, though I'm a little surprised that experts are seeing a "significant overlap" between it an Amazon Prime. I still think that Amazon Prime is a more compelling offering - I'm a big prime Video fan, and become more so with every announcement of a major production. Walmart isn't even playing on that same territory. But it is a big country, there are a ton of Walmart stores out there, and the retailer is putting a lot of muscle behind it.