Core Insights - Costco has quietly become a global apparel giant with sales reaching $9.7 billion in fiscal year 2025, surpassing major brands like Prada and Coach [3][4] - The company's apparel sales have grown by 40% from 2019 to 2024, with a compound annual growth rate (CAGR) of nearly 7%, while the overall clothing market in China and the U.S. has slowed down [3][4] - Costco's unique selling proposition lies in its ability to offer both affordable basics and luxury brands, appealing to a younger demographic that is increasingly skeptical of traditional luxury pricing [7][9] Apparel Strategy - Costco's clothing strategy focuses on selling basic items with a limited selection, maintaining only 4000 SKUs in total, which is significantly lower than traditional supermarkets [12] - The company employs a bundling sales approach to increase turnover and reduce costs, allowing for lower prices while still maintaining profitability [12][13] - Despite a lower gross margin of 14-15% in its apparel segment, Costco's massive sales volume allows it to outperform many fashion brands [13][14] Membership Model - Membership fees are the primary profit driver for Costco, contributing $5.32 billion in fiscal year 2025, which accounts for 65.7% of net profit [17][18] - The company has a high membership renewal rate of nearly 90%, indicating strong customer loyalty and satisfaction [20] - Costco's strategy of placing luxury items prominently and offering exclusive member benefits is designed to enhance customer retention and encourage repeat visits [18][22] Market Position - Costco's overall revenue for fiscal year 2025 reached $275.24 billion, positioning it among the top five global retailers [16] - The company's apparel business, while significant, is still considered a secondary operation compared to its core fast-moving consumer goods (FMCG) offerings [16][21] - The success of Costco's apparel segment in markets like China demonstrates the effectiveness of its business model in diverse regions [21][22]

Core Viewpoint - The article discusses the changing consumption behavior of urban middle-class consumers at Sam's Club, highlighting their shift towards purchasing luxury goods at discounted prices, reflecting a broader trend of consumption downgrade in the current economic climate [2][3][16]. Group 1: Consumer Behavior - Urban middle-class consumers are increasingly targeting luxury items at Sam's Club, demonstrating a shift from traditional luxury shopping venues to warehouse membership stores [3][4]. - The article illustrates how these consumers meticulously compare prices across platforms, seeking value in their purchases, which has become a new norm in their shopping habits [4][5]. - The perception of luxury has evolved, with consumers now prioritizing discounts and value over brand prestige, as evidenced by their willingness to shop at a warehouse store for high-end brands [5][14]. Group 2: Pricing Strategy - Sam's Club employs a pricing strategy that significantly reduces the brand premium on luxury goods, allowing middle-class consumers to access high-quality products at lower prices [13][14]. - The article notes that Sam's Club benefits from Walmart's extensive global supply chain, enabling it to offer competitive pricing on luxury items while maintaining quality [13][14]. - The presence of luxury goods at Sam's Club is not merely a marketing gimmick but a strategic move to attract consumers who are looking for value in their purchases [14][16]. Group 3: Market Positioning - Sam's Club has positioned itself as a one-stop shopping destination for middle-class consumers, offering a wide range of products that cater to various lifestyle needs, including luxury items [8][14]. - The article emphasizes that the integration of luxury goods into Sam's Club's offerings has created a unique shopping experience that blends everyday practicality with aspirational consumption [14][16]. - This positioning allows Sam's Club to tap into the growing trend of consumption downgrade, where consumers seek to balance quality and affordability in their purchasing decisions [14][16].

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