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Costco CFO sounds warning on shift in customer spending

Costco shares more insight on its customers than most retailers. That's because what the chain's members buy is interesting, but not actually a key measure of its success. The warehouse club's key business metric is actually its subscriber growth and retantion rates.
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.

Read the Full TheStreet Article at:
[ https://www.msn.com/en-us/money/companies/costco-cfo-sounds-warning-on-shift-in-customhoer-spending/ar-AA1BWsfB ]