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.  

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