COST vs WMT

Costco and Walmart both attract shoppers seeking value on household essentials, but their customer bases differ significantly due to business models: Costco's paid membership and bulk-focus appeal to higher-income, larger households willing to buy in volume, while Walmart's no-barrier, everyday low prices draw a broader, more price-sensitive audience across income levels.

Recent data (primarily from 2024–2025 sources like Numerator, Placer.ai, Kantar, and industry reports) highlights these contrasts:

Demographic Factor	Costco Shoppers	Walmart Shoppers
Household Income	Significantly higher on average. Many sources cite average >$100k–$125k; 36–50% of shoppers earn $125k+. Skewed toward affluent and upper-middle class.	Broader and lower on average (~$76k–$80k). Strong appeal to low- and middle-income (many < $50k–$80k); ~30% earn $100k+. Attracts budget-conscious across levels but fewer high-earners than Costco.
Age	Mix of older and family-aged, but skews younger in some profiles toward Gen X/Baby Boomers (66% in one 2024 report) or millennials/Gen X with families. Average shopper often described as 39–50s.	Older overall; typical shopper is a Baby Boomer (60–78 years old in recent profiles). Broad range (18–65+), with strong penetration among 45+.
Education	Higher; majority college-educated or higher (often cited as 4-year degree+).	More varied; includes high school graduates up to college-educated, but less skewed toward advanced degrees.
Family/Household Size	Larger families or multi-person households; bulk buying suits bigger groups or small businesses.	Wider mix, including more single-person or smaller households; appeals to rural/semi-rural shoppers.
Location	More suburban/urban, "wealthy suburban families"; higher concentration in higher-income areas.	Stronger in West Coast regions.
Ethnicity/Race	More diverse in some reports; higher proportion of Asian-American shoppers (nearly 2x the national average in older data, still noted). ~61% white.	Predominantly white (~60–70%); less diverse skew compared to Costco in affluent segments.
Other Behaviors	Higher spend per visit (~$100+), longer dwell time (37+ minutes), high loyalty (90%+ renewal). Affinity for premium/off-price brands.	Lower spend per visit, shorter/more frequent trips. Strong in essentials/groceries for value; cross-shops discount stores like Dollar General.

These differences stem from Costco's membership fee (now $65–$130 annually) acting as a filter for more financially comfortable shoppers who value bulk savings and perceived quality, while Walmart's open-access model captures everyday essentials shoppers, including those trading down during economic pressure.

In a prolonged "K-shaped" economy (where higher-income groups thrive while others stagnate), Costco has seen resilient growth from its core affluent base, but Walmart has successfully attracted more "trade-down" shoppers from higher incomes seeking deals on basics — broadening its appeal without losing lower-income loyalty. Both benefit from affordability pressures, but Costco's demographics make it more insulated from downturns affecting discretionary spending.

----

 

这些差异源于Costco的会员制费用（目前年费65–130美元），这相当于一道门槛，筛选出经济更宽裕、重视批量省钱和感知品质的消费者；而Walmart的开放式准入模式则吸引了日常必需品购物者，包括在经济压力下从更高档渠道“降级”过来的消费者。

在长期的“K型经济”（高收入群体持续繁荣、低收入群体停滞不前）中，Costco凭借其核心的富裕客户群实现了韧性增长；而Walmart则成功吸引了更多从高收入阶层“降级”下来的顾客，他们来寻求日常必需品的优惠，从而在不流失低收入忠实客户的前提下拓宽了吸引力。两者都从“可负担性压力”中获益，但Costco的客户群体特征使其在影响可自由支配支出的经济下行期中更具抗跌能力。