The insight: TJX’s value proposition resonated with shoppers of all ages and income brackets—and across geographies—in Q3, putting the off-price retailer in a strong position to capture spending this holiday season.

3 factors driving TJX’s ongoing success:

1. Customers are price sensitive. The retailer’s 3% YoY increase in comp sales in Q3 was entirely attributable to an increase in customer transactions, an indication that it’s benefitting from consumers’ trade-down and deal-seeking behaviors.

2. TJX’s “treasure hunt experience.” TJX’s steady inflow of fresh inventory coupled with a broad array of price points and brands helped it grow sales across all income demographics, and win more Gen Z and millennial customers, executives said on the company’s earnings call.