Costco annual revenue

As Americans spent more money on beard oils, balms, and trimmers between 2012 and 2022, Costco's annual revenue grew in near-perfect step, with a correlation of 0.97 across eleven years. It is possible that Costco's bulk-purchase model is particularly well-suited to committed beard maintenance. It is equally possible that these are simply two businesses that grew during a decade of consumer spending growth and both happened to serve demographics with disposable income. Costco does, in fact, sell beard care products in bulk. This fact changes nothing but feels relevant.

The US beard care products market grew from under $200 million in 2012 to over $1 billion by 2022, driven by the 'beardsman' cultural moment of the mid-2010s and subsequent mainstreaming of male grooming. Costco's annual revenue grew from $99 billion to $226 billion over the same period, driven by membership growth, international expansion, and its appeal to middle-to-upper-income households. Both serve and are driven by the same demographic: established, family-forming adults with significant disposable income who adopt trends at scale. Costco's demographic is the beard care market's demographic.

When two products both serve affluent, mainstream consumers in a growing economy, their revenues will track each other regardless of whether one requires a warehouse and the other fits in a bathroom cabinet.