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SENSOR TOWER · SEEMA SHAH · MAY 2023
MMM: Walmart and Target Q1 2023 User Engagement
Target and Walmart reported mixed 1Q23 earnings results, with both citing a slowdown in discretionary spending. While traffic was up at both retailers, Target's consumer engagement fell, indicating weakness in discretionary categories. Walmart saw a YoY jump in new and retained users, with a greater share of higher income consumers trading down in search of value. In-app publisher-level bookings for Garena fell 38% YoY, primarily due to a decline in Garena Free Fire bookings, while Sea reported double-digit YoY growth in its e-commerce arm's marketplace revenue.
Key Takeaways:
Mass merchants Target and Walmart had mixed 1Q23 earnings results, though both commented about the slowdown in discretionary spending. Traffic was up at both retailers, inline with Sensor Tower estimates, driven by consumables
Target’s consumer engagement is falling, which is demonstrative of the weakness in discretionary categories; 1Q23 average session count and time spent were down 4% and 11% YoY, respectively
Walmart saw a 2% and 9% YoY jump in new users and retained users in 1Q23, respectively, ahead of its mass and marketplace peers, while YoY growth in churned users fell slightly. This is also inline with Walmart gaining a greater share of higher income consumers, who are trading down in a search for value
ST in-app publisher-level bookings for Garena in 1Q23 fell 38% YoY (-9% QoQ), inline with a slowdown in Sea Ltd’s reported digital entertainment bookings (-44% YoY, -15% QoQ) with the company citing some moderate weakening in monetization as a headwind to growth
Per ST data, Garena’s in-app bookings slowed primarily due to a 51% YoY (-18% QoQ) decline in Garena Free Fire 1Q23 bookings. However, Arena of Valor DAUs and in-app bookings in 1Q23 both reached all-time highs driven by strong performance during the lunar new year
Sea also reported double-digit YoY growth in its e-commerce arm’s (Shopee) marketplace revenue. Shopee MAUs (excluding India, which the company exited in 1Q22), increased 10% YoY and saw increases across its five largest markets by MAUs (Indonesia, Brazil, Vietnam, Philippines, and Malaysia), per ST data
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