If you’ve been frustrated by increasingly high prices everywhere you look, you’re not alone.
Stubborn inflation and rising costs are taking a toll on consumers broadly.
A good 24% of consumers are concerned about their long-term finances. As a result, they’ve reduced spending in categories like entertainment, dining, apparel, and beauty, according to recent data from EY-Parthenon.
Meanwhile, 55% of Americans say their finances are getting worse, according to Gallup’s annual Economy and Personal Finance survey, which was released in late April 2026. And 31% of consumers say inflation and high prices are their top financial problem.
Not surprisingly, consumer sentiment in May fell 14.2% from a year prior, according to the University of Michigan’s monthly survey. And the less confident consumers feel, the less money they’re likely to spend.
Costco members, however, seem to be bucking that trend. And there’s a reason for that.
Costco members are spending more money per visit
During Costco’s third-quarter 2026 earnings call, CFO Gary Millerchip highlighted a metric that stands out in today’s retail environment.
“Our average transaction or ticket was up 7.3% worldwide,” he said.
That increase came alongside a 2.4% increase in worldwide traffic, which means Costco not only attracted more shoppers, but also got them to spend more during each visit.
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Millerchip also noted that the average ticket increased 4.2% excluding the impact of gasoline prices and foreign exchange, suggesting that the gains weren’t simply the result of inflation at the pump.
Other metrics from the quarter pointed to continued engagement from Costco members. The company reported a 37% increase in site and app traffic and a 21.5% increase in digitally enabled comparable sales.
The results are notable because they run counter to what many retailers are seeing.
Across much of retail, shoppers are visiting stores but buying fewer items, trading down to cheaper alternatives, or skipping discretionary purchases altogether. At Costco, members appear to be doing the opposite.
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Why Costco keeps winning when consumers are cutting back
Consumers have been reducing spending broadly because they simply have no choice. In April, food prices rose 3.2% year over year while gasoline rose by a whopping 28.4%, according to the Consumer Price Index.
When budgets tighten, shoppers often consolidate spending with retailers they trust to deliver value. Costco’s membership model, bulk purchasing power, and limited-markup strategy allow consumers to stretch every dollar without sacrificing quality.
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The latter point is important, because many consumers don’t want to trade down just because money is tight. At Costco, they don’t have to.
Of course, Costco’s ultra-low gas prices have been a big draw for members at a time when fuel costs are up. In April, Costco saw visits increase 7.2% year over year, according to a recent Placer.ai report.
“Costco continues to lead among wholesale clubs in performance and relevance over the last few months,” Elizabeth Lafontaine, director of research at Placer.ai, told The Street in an exclusive interview.
“Costco…has cemented its strong brand value, and new strategies such as executive member-only shopping hours have endeared the retailer to its members.”
Lafontaine also noted that consumers have, in recent months, “sought out warehouse clubs specifically for their gas and fuel offerings as they look to offset rising prices and combine fuel and shopping trips.”
But competitive fuel isn’t the only reason Costco members are spending more per visit. It’s also that they’re seeing the value the warehouse club giant offers outside of the pump.
As a mom of three children who’s constantly having to fill up her car and restock the fridge, I’m certainly grateful for the option to do both affordably in a single Costco visit. And it’s that same consumer mindset that’s likely to continue to boost Costco’s sales during these strange and uncomfortably uncertain times.
Maurie Backman owns shares of Costco.
Related: Costco just made a major move to fix a member pain point
