BRENTONVILLE, Arkansas: Brands need to adapt to a "new normal" where consumers are spending less, saving more and "shopping smarter", according to Mike Duke, president/ceo of Wal-Mart, the world's biggest retailer by revenue.

It has been argued that Wal-Mart is one of the few major corporations to have benefitted from the current financial crisis, and earlier this year the owner of Asda and Sam's Club declared its intention of focus on its "brand relevance."

The company recorded net sales of $100 billion (€70bn; £60bn) in the second quarter, down by 1.4% on an annual basis, while its operating income rose by 1.2%, to $5.9bn, year-on-year.

Despite the decline in revenues, Duke argued this performance could be described as being "particularly good, given a very challenging economy all over the world."

More specifically, shoppers are increasingly "having to do more with less," which has lead to a number of related, emerging trends in the market.

"Overall, our customers are more disciplined in their spending. There's a 'new normal' now where people are saving more, consuming less, and being more frugal and thoughtful in their purchases," Duke said.