Wal-Martâ€™s core shoppers are running out of money much faster than a year ago due to rising gasoline prices, and the retail giant is worried, CEO Mike Duke said Wednesday. â€œWeâ€™re seeing core consumers under a lot of pressure,â€ Duke said at an event in New York. â€œThereâ€™s no doubt that rising fuel prices are having an impact.â€
Wal-Mart shoppers, many of whom live paycheck to paycheck, typically shop in bulk at the beginning of the month when their paychecks come in.
Lately, theyâ€™re â€œrunning out of moneyâ€ at a faster clip, he said.
â€œPurchases are really dropping off by the end of the month even more than last year,â€ Duke said. â€œThis end-of-month [purchases] cycle is growing to be a concern.