Rising fuel prices in the US are driving more consumers to fill up at warehouse clubs such as Costco, boosting both fuel and in-store sales. Average gas prices have stayed above US$4 per gallon for a month and recently exceeded US$4.50, prompting drivers to seek cheaper options.
Costco Sees Surge in Fuel and Store Traffic During Gas Price Spike
Costco reported 11.7% growth in US comparable sales last month, with fuel contributing three percentage points. Increased traffic at petrol stations is also translating into more warehouse shopping, with non-fuel transactions up 8% year-on-year. Surveys show most drivers are cutting spending elsewhere due to fuel costs, while Costco continues attracting value-conscious shoppers.
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