Costco executives warned of recession by changes in consumer spending habits at their wholesale stores.
Costco Chief Financial Officer Richard Galanti said some customers are switching from purchasing steak and beef to less expensive items, including pork and chicken.
The executive noted that this trend usually occurs during recessions.
It’s another sign indicating a struggling economy and rising inflation.
— New York Post (@nypost) June 1, 2023
Costco customers are bypassing the beef aisle to shop for chicken and pork as a recession looms https://t.co/BP4XpfIv4P
— Insider Business (@BusinessInsider) May 30, 2023
Business Insider shared further details:
In a call with investors on Thursday, executives from the warehouse chain shared insights into how their members are shopping, what they’re swapping into their baskets, and what’s being left behind.
CFO Richard Galanti said that some of its customers are ditching pricier beef products for cheaper meats such as pork and chicken. This is a trend that has been common in previous recessions, he said.
Others are bypassing the fresh meat aisle entirely and opting for canned meat and fish products. These items cost less and have a longer shelf life.
There are other indicators showing that Costco’s customers are feeling the pinch. For example, the portion of sales from Costco’s private label brand — Kirkland — grew during the most recent quarter. These products cost less than national brands and are a quick way for customers to save money on their weekly shop.
Moreover, the average daily transaction at Costco was down 4.2% worldwide and 3.5% in the US during the quarter. Costco said this number was primarily impacted by the drop in sales of big-ticket nonfood items, such as TVs and fridges.
According to CNN Business, Macy’s has also seen changes in consumer spending habits.
Macy’s (M) on Thursday cut its annual profit and sales forecast after customer demand slowed.
“The US consumer, particularly at Macy’s, pulled back more than we anticipated,” Macy’s CEO Jeff Gennette said on an earnings call Thursday. Customers “reallocated” spending to food, essentials and services, he said.
Gennette said Macy’s would increase its promotions to clear out unsold merchandise.
Same-store sales at the Macy’s sank 8.7% last quarter, while the higher-end department store Bloomingdale’s dropped 3.9%.
Macy’s stock was flat during early trading Thursday.
The company was the latest retailer to highlight shifts in customer demand.
But here’s the good news: I might be able to help you if you’re suffering the effects of this recession…
For more on that, keep reading!
If you’ve been impacted by layoffs, or just got fired….or….if you have a job but it doesn’t pay enough, then this is for “YOU”.
The layoffs are really getting bad out there.
You may not work at any of those places….
In fact, odds are you probably don’t!
But the layoffs start there and then spiral across the country.
And I know many of you reading this have ALREADY been laid off or fired from your job.
Many more are to come.
So….that’s why I’m publishing this.
Can I help you?
In fact, I tell you this because this is MY story.
And deep down it’s probably your story too.
You see, it doesn’t even have to be a layoff.
It may just be that you’re very unhappy with where you’re at in life.
Unhappy with your job…
Unhappy with your future prospects….
Not crazy about doing what you’re doing for the next 30 years and getting a cheap watch as a gift when you retire.
Oh I have a feeling that my story is going to resonate with you.
You see, I believe deep down we all know we were created ON purpose and FOR a purpose.
A God-given purpose.
Something we were created to do in this world better than anyone else.
I don’t think so.
I think every single one of us has greatness inside of us…and a calling to live the life God created for us!
Not to live someone else’s life.
Definitely not to live a life for your boss or for your job!
How sad is that?
It reminds me of one of my favorite memes:
But as always, there is TRUTH in comedy.
It’s what makes comedy funny, because we can all relate to the underlying truth.
So here’s where it gets really personal.
I didn’t learn that until I was in my 40’s.
I wish I’d learned it earlier.
And I’m telling you because maybe I can help YOU learn it earlier in life.
When I started this mission of the WLTReport back in 2015, I was finally doing MY thing.
Not living for someone else…
Not just punching a clock…
Not just moving papers around into a folder in a beige office for 40, 50 or 60 hours a week.
I was finally doing what God created ME to do…and I was changing the world (in my own little way) at the same time.
If you’ve never been in that position, I can’t quite describe it to you but it’s magical.
Suddenly, you don’t need coffee or extra motivation to get through the day.
Suddenly, when you’re living out YOUR purpose you have all this natural energy and “work” doesn’t seem like work.
You go from watching and waiting for the clock to hit 5:00 so you can go home to wondering “where did that day go, I could use another 12 hours!”
People ask me all the time how I get so much done around here and they’re fearful I’m going to “burn out”…
Nothing could be farther from the case.
And to quote my friend Christopher Greene, “I’d much rather BURN out than RUST out.”
Let that one sink in a bit.
I believe in this so much and I believe I can help a lot of people who are reading this so much that I actually recorded this video.
This is me, totally from the heart.
Please enjoy (and then if anything in this video resonates with you, scroll down and I will tell you how I might be able to help you too):
I Had a Job, Once…
— DailyNoah.com (@DailyNoahNews) April 8, 2023
Backup here on Rumble:
Now, if ANYTHING I said in that video gave you that little shock of adrenaline or that gut feeling that connected with your soul, I want you to keep reading…
I want to be very clear upfront about a couple of things.
One, I’m not trying to sell you anything.
And two, I’m not telling you to quit your job or make any drastic change.
I’m just a guy who finally found how to live for the passion God placed inside of me, and if I can help some other people along the way I want to do it.
So in addition to my mission here at WLTReport, I’ve also been working on this second mission that I started talking about last month.
It’s like Mission x Mission for me…Mission Squared!
And I’ve got about 100 people in my “Inner Circle” who have jumped aboard and are doing it with me and they’re absolutely loving it.
The truth is I’ve been blown away in the past few weeks by the comparison of what we’re doing with this new mission and everything else happening in the world right now.
I’m sure you’ve seen all the headlines.
As I type this, banks are failing…
Banks are being shut down…
Bank Runs are threatening to spread across America…
Big companies are doing mass layoffs…
Tens of thousands at a time, Wave 1, Wave 2, Wave 3, they just keep coming!
All the big names are doing it and no one seems immune: Google, Amazon, Facebook, Walmart, McDonalds, Wells Fargo it’s everywhere!
There’s definitely not a lot of “confidence” or “certainty” anywhere in the system right now.
And yet in the midst of all of that, then I huddle up with my Inner Circle and they’re receiving paychecks!
Life-changing paychecks in many cases.
That’s not my words…
Let me share with you a personal message I received from one person in my Inner Circle.
I’m withholding her name for privacy purposes but she did give me permission to share this.
Read this and try to not let a tear come to your eye as you realize in her own words: “I did not have a Plan B…”
I got that message a few weeks ago but it still pumps me up reading it here again!
And that’s not the only one.
They come in all the time, people so grateful for the opportunity to live THEIR purpose and join our Mission!
Making money and having fun doing it all at the same time.
I’ve redacted some personal information, but check out three messages I just received recently from some good friends in the Inner Circle:
Ok, can I show you just a few more?
Sorry but I’m so proud of these people who have jumped in and changed their lives.
Here are a few more:
Now I have to give my standard disclaimer: RESULTS ARE NOT GUARANTEED. I can’t promise you will do well or earn a ton of money. The only thing I can promise you is the OPPORTUNITY. And those who work hard and put in the effort and have drive and determination have tremendous opportunity here.
No promises, no guarantees in life.
But if you work hard and don’t give up and know how to take life by the horns and dig in?
Then you might just do very well.
But the reality is stuff like this comes in all the time and it pumps me up so much!
Not only is our mission changing lives but the people working with me in the Inner Circle are having THEIR lives changed right along with it.
As I said at the very beginning of this article, this is NOT for everyone, but it might be for you…
….if you’re a high performer…
….if you want to earn a supplemental income working with me…
….and most importantly if you’re a NICE person…..
….if your heart is beating fast right now knowing that everything I’ve typed above and everything in my video above is like it’s speaking DIRECTLY to you.
If that’s you, I want to connect with you.
I can’t make any promises, and I can’t even promise we will have any slots open, but if this speaks to you then I want you to send me your information and someone from my Inner Circle will get back to you if/when we have something open.
I look forward to hearing from you!
Thanks for reading.
I can’t wait to see who this helps over the next month, 6 months, year or more.
We’re changing lives and I absolutely love it!