Walmart introduces discounted joint membership with Sam's Club

Walmart on Tuesday debuted a discounted joint membership with Sam's Club, the retailer's warehouse club, in a bid to attract inflation-weary customers. 

Walmart said it's offering a combined Walmart+ and Sam's Club Plus membership for $120 a year, saving shoppers who buy them individually about $100 annually, according to the company. 

The joint membership gives customers access to members-only discounted prices at Sam's Club, free delivery on goods from both retailers, a Peacock or Paramount+ subscription plan, 10 cents off on gas at 17,000 stations across the U.S. and rewards on eligible purchases (Paramount+ is owned by Skydance, which also owns CBS News).

"For $120 a year, we're raising expectations for what a membership can deliver: more money in their pockets and more time to call their own," Walmart CEO John Furner said in a statement. 

Existing members can also upgrade their plans. Walmart+ members can switch to the dual membership for $22 more per year, while Club members can upgrade to Sam's Club Plus for $60 more per year, which includes Walmart+. 

Walmart is betting that low prices and discounts will draw cash-strapped Americans into its stores. In August, Chief Financial Officer John Rainey announced price cuts across a range of products, including food. 

"We're investing heavily in price because customers need us to and because we believe it drives market share gains over time," Rainey said at the time. 

Walmart's efforts to ease prices come as consumers continue to grapple with elevated inflation, with the Consumer Price Index rising at an annual rate of 3.7% in September.

After five years of elevated inflation, nine in 10 Americans say prices are the most important factor shaping their economic outlook, according to a recent CBS News poll.