Walmart sales up as consumers spend cautiously

(CNN, KYMA) - Concern about the economy is helping Walmart as the retailer saw its sales growth jump 4.6% in the last quarter from the previous years.

A deeper dive into that jump suggests it is coming from caution over spending.

First, the majority of the increase came from growth in the grocery category and Walmart plus memberships. This indicates people are trying to stretch their money on necessities.

Also, Walmart reports sales are rising faster among customers who earn more than $100,000 per year.

When wealthy consumers spend more at discount stores, it typically signals they are concerned about the future.

Walmart also pointed out its lower income shoppers are spending cautiously.