Morgan Stanley breaks down the overlap between Walmart, Amazon, Costco memberships
Investing.com -- In a recent note to clients, Morgan Stanley analysts delved into the competitive landscape among leading membership-based retailers, focusing on Walmart+, Amazon Prime, and Costco Prime’s dominant 94 million U.S. households and Costco’s estimated 55 million members across the U.S. and Canada, Walmart+ is outpacing its peers in growth, with a compound annual growth rate of roughly 30% from 2020 to 2024.
Membership overlap remains significant, with Amazon Prime and Walmart+ showing the highest intersection. About 86% of Walmart+ members are also subscribed to Amazon Prime, while 34% hold Costco memberships.“The high overlap of Amazon Prime members within the cohort of Walmart+ members is primarily due to Amazon’s large membership base, but it also demonstrates that Walmart+ continues to compete heavily within Amazon’s core market,” analysts led by Simeon Gutman explained.
Morgan Stanley also reflects on the broader implications for consumer spending habits. As households increasingly subscribe to multiple services, retailers are finding new ways to differentiate themselves and capture discretionary income.
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