Walmart (WMT.US) membership business exhibits “low overlap, high potential”! Morgan Stanley: Bundling sales may drive new consumption

智通财经APP reported that in a recent research report, Morgan Stanley pointed out that there is limited overlap between Walmart+ and Sam's Club membership groups under Walmart (WMT.US). This creates a significant opportunity for cross-selling through bundled memberships and is expected to gradually increase the total spending per member over time. According to the October survey results, about 26% of respondents hold a Walmart+ membership, approximately 31% have a Sam's Club Net membership, with around 12% having both types of memberships, and roughly 55% do not have either membership.