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I think it really depends what you're buying.
For example, my wife and I buy a half cow and whole lamb every year. If you have the freezer space to hold that amount of meat then it could wind up saving you hundreds of dollars a year. That, and there's just something about visiting the farm you get your meat from to see how the animals are raised for yourself.
On the other hand, we never buy fresh fruits or vegetables in bulk because they would spoil before we could eat them all. However, bulk frozen fruits and vegetables are another thing entirely.
I pretty much get the same things at Costco every trip - nuts, bread (which can be put in the freezer), coffee beans, frozen fruit, and a few other nonperishable's that have a really long shelf life. We then buy any meat we don't buy wholesale, fresh fruit and vegetables, and other perishables at our neighborhood grocery store.