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Costco CFO sounds warning on shift in customer spending

Costco's Chief Financial Officer, Richard Galanti, has raised concerns about a noticeable shift in consumer spending habits. During the company's quarterly earnings call, he noted that while there has been an increase in sales of lower-cost items like canned meat, chicken, and hot dogs, there's a decline in demand for higher-priced discretionary items such as electronics, jewelry, and home furnishings. This shift suggests that consumers are becoming more cautious with their expenditures, focusing on essential goods over luxury or non-essential purchases. Galanti highlighted that this trend could be indicative of broader economic pressures affecting consumer behavior, potentially signaling a slowdown in consumer spending which might impact Costco's future sales and profitability.

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