CVS Serves Higher-Income Customers Than Walgreens
Walgreens does more business with singles as CVS caters to families.
The similarities between CVS and Walgreens are considerable. They each operate in essentially the same markets and offer the same products and services.
However, a recent study by Placer.ai found that they differ in visitor income and CVS attracts larger households and Walgreens serves more singles.
“Although both chains have the potential to attract visitors with a median household income (HHI) of around $70.0K, visitors to CVS come from Census Block Groups (CBGs) with a median HHI of $76K – meaning that visitors to CVS tend to come from the more affluent neighborhoods within CVS’s potential trade area,” according to the report.
CVS beats out Walgreens in three out of four family-oriented data segments. Walgreens only beats CVS in attracting “upper suburban diverse families,” but not by much.
Placer.ai added that it found singles across the board are perhaps slightly less likely to visit brick-and-mortar pharmacy chains.
These two chains are the largest brick-and-mortar pharmacy operators, controlling together over 40% of the U.S. prescription drug market. Together they operate more than 18,000 locations throughout the country.