(Reuters) - Walmart said on Monday it would offer its membership service, Walmart Plus, at a 50% discount ahead of the holiday season, as the retailer attempts to close the gap with rival Amazon.com's Prime subscription service.

This year, U.S. retailers like Walmart have launched sales events earlier and added more deals and perks to attract shoppers coping with high inflation. The National Retail Federation forecasts U.S. holiday retail sales will grow up to 3.5%, the slowest pace in six years due to frugal spending.

As part of these early deals, Walmart is offering a one-year Walmart Plus membership for $49, down from its regular $98, from Monday through Dec. 2.

This move highlights Walmart's efforts to compete with Amazon Prime, which costs $139 per year and has over six times more subscribers. According to Consumer Intelligence Research Partners, Amazon Prime has 180 million U.S. subscribers, while eMarketer estimates Walmart Plus will reach 32 million by the end of this year.

Walmart Plus offers benefits like express, same-day, and next-day deliveries, a free Paramount+ subscription, and ten cents off per gallon of gas. Amazon Prime members enjoy perks such as an annual Grubhub+ delivery subscription, early and exclusive deals on Prime Day, and free access to Amazon Music and Amazon Prime Video.