That many Walmart (WMT) customers are lower-income and lack exposure to the stock market, company executives aren't banking on a boost in holiday sales following the post election day surge in equities.

"We see no correlation between the stock market and our core customer -- there are probably a 1,000 other things they worry about from day to day," Walmart U.S. CEO Greg Foran told TheStreet on a conference call Thursday. 

According to a 2015 study by Kantar Retail, a typical Walmart shopper has a household income of $53,125. If that household includes two kids, a dog, a car payment, rent, and Obamacare outlays, it's likely that weekly paychecks are going to cover those needs instead of a being poured into an online stock trading account. Conversely, the Walmart shopper is more likely to spend based on feelings about job security and the price of gas.

The case this holiday season may be a little different at Walmart rival Target (TGT)  whose core customer earns $12,000 more each year than a typical Walmart shopper, says Kantar Retail. As a result of their higher incomes, the Target shopper is likely to have some exposure to the stock market via their 401ks and possibly an online stock trading account.   

Therefore, a surging U.S. stock market following the election of Donald Trump as U.S. president could do its part to spur optimism -- and bigger than expected buying -- among Target's primary customers.  

"We feel very good about the holidays," Target Chairman and CEO Brian Cornell told TheStreet on a conference call Wednesday when asked if the sizable rise in the markets -- the DJIA has rallied 547 points, or 3%, since the Nov. 8 close -- would have shoppers spending more on Target's credit cards and credit more broadly.

Asked if consumers -- who may be feeling a little wealthier in light of the stock market's impressive advance -- will probably shop strongly into December after the Black Friday deals end, Cornell said, "We certainly hope they shop right up until Christmas, and then come back after with their gift cards."
 
Then again, both Walmart and Target shoppers may decide to continue spending cautiously given the uncertainty ahead of Trump's inauguration on Jan. 20.
 
Between Nov. 1 and Nov. 14, retailers have lost out on over $800 million in revenue from online sales, according to fresh data from Adobe. The sharpest drop occurred after the election, with total sales growth slowing to only 1.3% vs. Adobe's prediction for growth of 7.8%. 

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