Costco's CFO Richard Galanti says Americans are on the hunt for bargains.
Published on June 5, 2023 | 11:41 AMCostco's management says that the new shopping patterns the company is noticing among its customers could be a sign of a looming recession. According to CFO Richard Galanti, Americans are trading down and opting for cheaper items in certain grocery categories.
Speaking with investors last week, Galanti said shoppers aren't buying as much beef or steak from Costco as they used to, instead opting for less expensive meat options like chicken or pork.
A growing number of Costco shoppers are also turning to Kirkland Signature, the chain's own brand of products, in lieu of pricier name-brand items. While Galanti doesn't see Kirkland as a downgrade for shoppers —just a better deal—he notes"that would, again, at least anecdotally, suggest that we've seen people looking for better bargains."
"We try to correct people when they said was it a downgrading because, arguably, it was an upgrade when they went to Kirkland Signature," he
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