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Sam's Club is going after Costco through the hearts and wallets of Gen Z shoppers. ‘That generation believes it's cool to save money,' CEO says [Yahoo! Finance]
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Sam's Club, the Walmart-owned membership-only warehouse store , believes it has cracked the code to winning over the young generation and hold the advantage over competitors like cult favorite Costco Sam's Club CEO Chris Nicholas told CNBC in an interview last week that company membership has been transformed by young shoppers. In the past two years, Sam's Club saw a 68% growth in Gen Z members. “The quickest growth in our business over the last two years has been the Gen Z and millennial members,” Nicholas said. “That generation believes it's cool to save money, and we agree with them.” Gen Z's bitter attitude toward the economy and strong desire to save have made them perfect candidates for discount retailers. The generation approaching their late twenties are leading the trend in preferring private-brand products, with 64% of young shoppers saying they buy private brands “always/frequently,” according to a November 2023 Private Label Manufacturers Association survey of 934 re
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