In a recent interview, Costco Chairman Hamilton "Tony" James discussed the insights gained from his long tenure on the board. Notably, he emphasized how Costco reflects consumer behavior, showcasing items from affordable hot dogs to high-end gold bars. Costco's member base includes a mix of average-income and affluent individuals, enabling the chain to excel in selling luxury products, including significant volumes of Dom Perignon Champagne. The diverse consumer spending patterns reflect a broader trend where high-income millennials and Gen X households prefer shopping at Costco, signaling its appeal across different social demographics.
"I find it fascinating. The company is a great window on what's going in the world of consumers, what they're buying or not buying."
"We've always known we could move anything in volume if the quality was good and the price was great - Rolex watches, Dom Perignon, 10-carat diamonds."
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