Could be that the upper middle class are spending more than ever at Costco. Former Target shoppers are getting divided into either Dollar General or higher end grocery stores.

Yeah, WSM comps surprised me somewhat

I wonder how many retailers are doing what the one I sell to did--raise prices in June, July because of "tariffs", but make us sell them our existing inventory at usual cost (until next month).

Aren’t rich people just going to keep spending no matter what at those places though? 🤔

If higher income households are spending more to the point that it's entirely replacing less spending from lower income households, that means aggregate spending isn't any weaker; it's a distributional issue as opposed to economic weakness overall.

Aren't the cutbacks in services first (eating out, entertainment) when you need to spend more on goods?

For lower income or for the aggregate? Platform cos and full services restaurants are not showing any sign of said cutting back. Neither for travel (hotels, ABNB, airlines, etc)