After the closing bell Thursday, warehouse membership club Costco will release its second quarter earnings. While some retailers and grocery chains have backed away from commitments related to diversity, equity and inclusion, Costco has very publicly dug in.

The move has led some consumers and groups to promise to spend more at the big box stores, but will that impact the bottom line?

When it comes to shifts in consumer spending — particularly at specific retailers — it can be hard to parse exactly what’s behind it.

“I think we’ll see that some consumers have shifted more purchases to Costco, because they are in favor of the DE and I announcements,” said Katie Thomas, who leads the Kearney Consumer Institute.

But at the same time — and for the same reason — some consumers have shifted their shopping dollars away from Costco.

So, “I don’t think you’ll see an effect,” said Ivan Feinseth, director of research at Tigress Financial Partners. “I think guidance may be more impacted by the potential tariffs.”

But over time, “I do think that we will be able to see indicators for corporate success in the next few months,” noted Deidre Popovich, who teaches marketing at Texas Tech University.

And that will tell us just how consumers are voting with their wallets when it comes to companies and their DEI commitments.