2 Elite Growth Stocks to Buy and Hold Forever

Key Points

• Shoppers love a good bargain.

• The companies that can provide high-quality goods and services at low prices will be rewarded for it in the stock market.

• 10 stocks we like better than Amazon ›

The best growth stocks deliver excellent value to their customers and handsome returns to their shareowners. Quality, convenience, and cost savings are often part of the formulas that enable these relentlessly expanding enterprises to increase their sales and profits at impressive rates over many years.

To aid your search for these long-term winners, here are two top-tier growth stocks to consider buying today.

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Growth stock to buy No. 1: Costco Wholesale

Some things never go out of style. A well-curated selection of quality products offered at bargain prices has fueled Costco Wholesale's (NASDAQ: COST) growth since its founding in 1983 -- and will likely continue to do so for decades to come.

Beginning with its first location in Seattle and continuing with its more than 900 stores across the world today, Costco has operated under a straightforward yet hard-to-replicate strategy: minimize costs and keep prices low. This tried-and-true formula has propelled the warehouse-store's sales to a whopping $270 billion in its most recent fiscal year, which ended on Aug. 31.

Costco's massive scale and focused buying power -- its stores stock roughly 4,000 items, while other large retailers typically carry 30,000 or more -- help it receive big discounts from its suppliers. Costco then passes these savings on to its customers.

Notably, Costco also provides higher pay and benefits to hourly retail workers than many of its competitors. This helps to boost employee morale and retention. Happy front-line workers also tend to be more motivated to exceed customer expectations.

Costco's high customer satisfaction metrics are evident in its membership renewal rates, which consistently exceed 90%. Discount-focused shoppers are signing up to be Costco members in ever-increasing numbers, even after the retailer raised its membership fees. People recognize a bargain when they see one and know they can find the best deals at Costco.

All told, the warehouse store leader employs a well-crafted strategy that enables its employees, customers, and shareholders to all win. Costco's purchasing power should continue to grow along with its store count. Comparatively low prices should fuel membership growth, and steadily rising sales and profits should propel this best-of-breed retailer's stock price to new all-time highs in the years ahead.

Growth stock to buy No. 2: Amazon.com

Like Costco, Amazon.com (NASDAQ: AMZN) employs a proven formula for success. But while Costco focuses on curation, Amazon strives to sell nearly everything under the sun.

While Costco wants to drive people to its well-stocked warehouse stores, Amazon wants you to shop from the comfort of your own home. Both strategies are effective. Investing in these two retail stars could thus give you multiple ways to profit from in-store and online shopping trends.

A vast selection of goods, low prices, and convenient delivery options have catapulted Amazon to the top of the heap in the online retail arena. That's a valuable position to hold, with global retail e-commerce sales set to exceed $12.3 trillion by 2030, up from $6.4 trillion in 2024, according to Grand View Research.

Amazon, of course, is far more than a retailer. The e-commerce colossus is also a powerful player in the artificial intelligence (AI) race. AI is primarily delivered via the cloud, and Amazon Web Services (AWS) is the leading provider of cloud infrastructure services.

AWS is a sterling business, with sales and operating profits of $116 billion and $43 billion, respectively, over the trailing 12 months. It's also expanding at a rapid pace, with sales up 18% during that time. Amazon's close ties to the well-funded AI pioneer Anthropic, which trains its highly regarded Claude models on AWS, are expected to drive additional growth in its cloud computing operations.

Amazon is also a formidable force in the digital-advertising market. By using its AI expertise to deliver precisely targeted ads to shoppers on its popular websites, Amazon is helping merchants earn strong returns on their marketing investments. The e-commerce juggernaut, in turn, is growing faster than its rivals, Alphabet and Meta Platforms, in a digital ad market that's projected to more than double over the next five years to a staggering $1.2 trillion.

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Joe Tenebruso has positions in Amazon. The Motley Fool has positions in and recommends Alphabet, Amazon, Costco Wholesale, and Meta Platforms. The Motley Fool has a disclosure policy.