Walmart is bundling up for the holidays

Walmart is giving shoppers a two-for-one deal ahead of the holiday season.

The retail giant on Tuesday launched a new $120/year membership combining Walmart+ and Sam's Club Plus, offering customers nearly $100 in potential annual savings.

Two memberships, one price

Walmart+ normally costs $98/year, while Sam's Club Plus runs $120/year. The new bundle includes the perks of both memberships for $98 less than their combined price.

These include:

• Access to Sam’s Club warehouses and free delivery from both chains.
• A subscription to Peacock or Paramount+ streaming services, gas savings, and 2% Sam’s Club cash on eligible purchases.
• Both memberships will remain available separately, while existing subscribers can link their accounts to take advantage of the discounted bundle.

Why now?...The new offering comes as Americans continue looking for ways to stretch their budgets amid elevated prices for everyday essentials.

Walmart has also faced slowing sales growth. In August, the retailer reported its slowest quarterly comparable-sales growth in six years, with average spending per visit declining from a year earlier.

Big picture: Walmart and rivals like Target and Kroger have lowered prices on thousands of products this year to attract budget-conscious shoppers. The new membership bundle gives Walmart another way to compete for those customers, particularly as cost-conscious brands like Costco and Aldi continue to draw shoppers seeking value.