Costco is a big winner of the gas price chaos

"The US average price of a gallon of regular gas has remained above $4 for a month topping $4.50 this week leading more drivers to fill up at warehouse clubs like Costco. Those numbers are translating into a top-line boost for Costco, which saw 11.7% US comparable sales growth last month, of which 3 percentage points were from fuel sales."

"A survey from Numerator, shared this week with Business Insider, found that more than nine out of 10 drivers took one or more steps to save money on gas in the past month. The share of drivers who filled up at club stores increased by three points to 36% compared with the April release of the data, and the share of drivers using fuel rewards credit cards ticked up four points to 27%."

"In addition, roughly half of those surveyed said they were using a loyalty program or app, and about a third were choosing where to fill up based on price rather than location. Those rates were within two points of last month's numbers. Three-quarters of respondents also said fuel costs were leading them to cut spending in other areas, like restaurants, travel, and entertainment."

"Costco reported a 3.8% increase in US visits in the four weeks ending May 3, with 8% higher non-gas transactions compared to the same four-week period last year. And recent foot traffic data from Placer.ai for the final week of April showed club stores outpacing every other retailer category in year-over-year visits."

US regular gas prices have stayed above $4 for a month and topped $4.50 this week, prompting drivers to take steps to save money. More drivers are filling up at warehouse club stores, using fuel rewards credit cards, and choosing where to buy gas based on price. Fuel costs are leading many consumers to cut spending in other categories such as restaurants, travel, and entertainment. Costco is benefiting from increased pump traffic, with 11.7% US comparable sales growth and 3 percentage points coming from fuel sales. Costco also reported higher US visits and stronger non-gas transactions, while foot traffic data showed club stores outpacing other retailer categories in year-over-year visits.

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