Walmart launched a discounted joint membership with Sam’s Club, the retailer’s warehouse club, on Tuesday in an effort to attract tired of inflation customers.
Walmart said it is offering a combined subscription to Walmart+ and Sam’s Club Plus for $120 a year, which would save shoppers who buy them individually about $100 a year, according to the company.
Joint membership gives customers access to discounted members-only prices at Sam’s Club, free shipping on products from both retailers, a Peacock or Paramount+ subscription plan, 10 cents off gas at 17,000 stations across the United States, and rewards on eligible purchases (Paramount+ is owned by Skydance, which also owns CBS News).
“For $120 a year, we’re raising expectations for what a membership can deliver: more money in their pockets and more time to use it,” Walmart CEO John Furner said in a statement.
Existing members can also upgrade their plans. Walmart+ members can upgrade to Dual Membership for $22 more per year, while Club members can upgrade to Sam’s Club Plus for $60 more per year, which includes Walmart+.
Walmart is betting that low prices and discounts will attract cash-strapped Americans to its stores. In August, Chief Financial Officer John Rainey announced price drops across a range of products, including food.
“We invest heavily in pricing because customers need it and because we believe it drives market share gains over time,” Rainey said at the time.
Walmart’s efforts to lower prices come as consumers continue to face high inflation, with the consumer price index rising at an annual rate of 3.7% in September.
After five years of high inflation, nine in 10 Americans say prices are the most important factor determining their economic outlook, according to a recent CBS News poll.
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