Gen Z is growing up and opening their wallets—to the tune of $360 billion in spending power in the U.S. alone—and members-only big-box retailers are ready to devour their dollars. Sam’s Club, the Walmart-owned membership-only warehouse store, believes it has cracked the code to winning over the young generation and hold the advantage over competitors like cult favorite Costco.
Sam’s Club CEO Chris Nicholas told CNBC in an interview last week that company membership has been transformed by young shoppers. In the past two years, Sam’s Club saw a 68% growth in Gen Z members.
