Walmart introduces discounted joint membership with Sam's Club

Walmart on Tuesday debuted a discounted joint membership combining its Walmart+ service with Sam's Club Plus, priced at $120 annually. The retailer stated that this bundle saves customers approximately $100 compared to purchasing the two memberships separately. The new plan grants access to members-only discounted prices at Sam's Club, free delivery on goods from both retailers, a subscription to Peacock or Paramount+, and 10 cents off gas at 17,000 stations across the U.S., along with rewards on eligible purchases. Paramount+ is owned by Skydance, which also owns CBS News.

Walmart CEO John Furner said in a statement that the company is raising expectations for what a membership can deliver by providing more money in customers' pockets and more time for them to control their own schedules. Existing members have options to transition to the new tier. Walmart+ members can switch to the dual membership for an additional $22 per year, while Sam's Club members can upgrade to the Sam's Club Plus plan, which includes Walmart+, for an additional $60 per year.

The move aligns with broader efforts by Walmart to attract cash-strapped Americans through low prices and discounts. In August, Chief Financial Officer John Rainey announced price cuts across a range of products, including food. Rainey stated at the time that the company is investing heavily in price because customers need it and because they believe it drives market share gains over time.

These pricing strategies come as consumers continue to grapple with elevated inflation. The Consumer Price Index rose at an annual rate of 3.7% in September. A recent CBS News poll found that following a five-year period of high inflation, nine in 10 Americans identify prices as the primary factor influencing their economic outlook.