Costco, renowned for its membership warehouses, boasted 124.7 million members spanning 69.1 million households as of February 2023.
The appeal of its membership program is evident, with a robust renewal rate of 92.6%. Additionally, the average shopper spends slightly more than $100 per visit.
To provide a comprehensive overview, let me share the most crucial Costco statistics you should be aware of right away. 🏢💳
Costco Statistics: The Key Data
- Costco had 124.7 million members and 69.1 million households as of February 2023.
- As of August 2023, Costco has 861 locations worldwide, including 591 in the United States and 270 abroad.
- Costco’s membership program has a renewal rate of 92.6%.
- Costco’s customer satisfaction rating rose to 82 in 2023, from 81 in 2022.
- The average Costco shopper spends slightly more than $100 per visit and makes 30 trips per year, totaling approximately $3,000 per year.
- Costco revenue rose 8.23% to $235.442B in the year ending May 31, 2023.
- Costco accounts for 55.5% of the wholesale club market.
- 21% of Costco customers return within three days.
- Costco leads the way with 55.5% of wholesale customers walking through its doors in August, followed by Walmart-owned Sam’s Clubs at 36.2% and BJ’s Wholesale at 8.3%.
- During the company’s fiscal year 2022, each Costco warehouse made $245 million in sales, up from $217 million in fiscal 2021.
Sources: (Costco, Retail Touch Points, Vator, Yahoo, Macro Trends, Cliffs Notes, Fox Business, Wall Street Zen.)
Table of Contents
Costco Membership Skyrockets to 124.7M; 69.1M Households as of February 2023.
Important takeaway:
| Insight from Data | Rationale |
| Significant membership overlap | With 124.7 million members and 69.1 million households, it suggests that many households have multiple members. |
| Dominance in market presence | The sheer number of members indicates a strong market presence, suggesting Costco is a top choice for consumers. |
| High potential for upselling | Given the multiple members in single households, there’s a chance to upsell or market products tailored to families or shared households. |
Source: Costco
August 2023: 861 Global Costco Outlets, 591 Domestically, 270 International.
Important takeaway:
| Insight from Data | Rationale |
| U.S. dominates Costco’s global presence. | Out of 861 worldwide locations, 591 are located in the U.S. |
| Significant growth opportunity abroad. | Only 31% of Costco’s stores are outside the U.S., indicating potential for international expansion. |
| Global expansion already underway. | 270 stores operating outside of the U.S. shows an ongoing commitment to cater to international markets. |
Source: Costco
Costco Membership Loyalty: Stellar 92.6% Renewal Rate.
Important takeaway:
| Insight from Data | Rationale |
| High member loyalty | A 92.6% renewal rate indicates a strong satisfaction with the membership and the value it offers. |
| Sustainable revenue stream | With such a high renewal rate, Costco can predict stable and recurring income from membership fees. |
| Effective membership retention | The majority of members find enough value to renew, suggesting successful retention strategies. |
Source: Retail Touch Points
2023 Sees Costco Customer Satisfaction Jump to 82, Up from 81.
Important takeaway:
| Insight from Data | Rationale |
| Incremental improvement in satisfaction | A rise from 81 to 82 suggests that Costco’s efforts towards enhancing customer experience are yielding positive results. |
| Maintained high satisfaction | With scores above 80 in consecutive years, Costco consistently delivers a high level of satisfaction to its customers. |
| Potential for continuous growth | The upward trajectory indicates the possibility of further improvements and positive feedback from customers in subsequent years. |
Source: Vator
Average Costco Patron: $3,000 Annually from 30 Visits.
Important takeaway:
| Insight from Data | Rationale |
| Consistent spend per visit | The average shopper spends just over $100 each time, showing a reliable shopping pattern. |
| High frequency of visits | 30 trips a year indicates that customers rely on Costco for regular and frequent purchases. |
| Significant annual expenditure | Cumulating to $3,000 per year, each shopper’s commitment to Costco is financially substantial. |
Source: Yahoo
8.23% Revenue Surge: Costco Rakes in $235.442B by End-May 2023.
Important takeaway:
| Insight from Data | Rationale |
| Robust growth in annual revenue | An 8.23% increase signifies strong financial health and positive business momentum. |
| Achieving significant scale | Attaining a revenue of $235.442B places Costco among the elite global retail giants. |
| Sustainable business model | The continued rise suggests a consistent and effective business strategy in place. |
Source: Macro Trends
Dominating Wholesale: Costco Claims 55.5% Market Share.
Important takeaway:
| Insight from Data | Rationale |
| Dominant player in the market | With 55.5% market share, Costco stands as the preeminent force in the wholesale club industry. |
| Edge over competitors | More than half of the market share suggests that Costco’s offerings are preferred by a majority of wholesale club consumers. |
| Strategic advantage for future growth | Such a significant market share positions Costco well to leverage its dominance for further expansion and growth. |
Source: Yahoo
Rapid Return: 21% Costco Customers Back Within Three Days.
Important takeaway:
| Insight from Data | Rationale |
| Rapid return behavior | 21% returning within a mere three days underscores the strong attraction and reliance customers have on Costco. |
| Potential for high customer engagement | Such frequent visits suggest that Costco is an essential shopping destination for a significant portion of its customer base. |
| Opportunity for targeted marketing | Recognizing this behavior, Costco can craft strategies to further engage this segment of rapid returners and potentially increase their spend. |
Source: Cliffs Notes
August Showdown: Costco at 55.5%, Sam’s Clubs 36.2%, BJ’s 8.3% in Wholesale Traffic.
Important takeaway:
| Insight from Data | Rationale |
| Costco’s pronounced dominance | Commanding 55.5% of the customer base, Costco’s market position is undeniably robust in the wholesale club sector. |
| Significant gap between market leaders and competitors | With Sam’s Clubs at 36.2%, there’s a considerable chasm between the top two players and others like BJ’s Wholesale. |
| Limited presence of smaller players | BJ’s Wholesale’s 8.3% indicates limited traction in the market, highlighting the strength of the larger entities. |
Source: Fox Business
2022: Each Costco Warehouse Grosses $245M, Rising from 2021’s $217M.
Important takeaway:
| Insight from Data | Rationale |
| Notable sales growth at individual warehouses | An increase from $217 million to $245 million reveals a thriving performance at the warehouse level. |
| Consistent upward trajectory in sales | Consecutive annual growth signifies an effective strategy and strong consumer demand for Costco’s offerings. |
| Potential for future revenue expansion | With each warehouse demonstrating such sales vigor, Costco’s prospects for further financial growth appear promising. |
Source: Wall Street Zen
