It is definitely the case for ski gear ( skis/boots ), bike gear, cold weather gear, helmets, backpacks, etc. Northface store? 25% off. REI? List price. Columbia store? 25% off. REI? List price. Patagonia store? 15% off. REI? List price. Atomic REI? List price in Feb. Atomic at EVO? 25% off in Jan. Yeti at REI? List price. Yeti pretty much anywhere else? 10% off.
People justify it because of the dividends gimmick. Hell, I fell the first year for it myself.
I don't think REI moves as much ski/snowboard gear as a more local shop would, but they have seasonal sales on the same items you just mentioned every year, and their anniversary sale is usually pretty good. Not to mention their outlet store often has additional sales on items that haven't sold, plus the garage sale.
The best 'deal' I found at REI was a ENO DoubleNest hammock for $12 at the garage sale, perfect condition. A near second would be a Black Diamond Access (I think) insulated hoodie for about $100, lasting me more than 6 years as my insulated layer for climbing, snowboarding, all around and casual use.
Last Season: REI great "snow sale" ~ 20% on Columbia gear. At the same time Columbia has the same stuff at ~75% off. Dick's has the same Columbia gear at 50% off.
REI is a cult. 10 years ago it was a cult that brought lots of things to the members because the brands sucked at selling on the internet or marketing on Instagram. Now the brands adjusted, and REI still behaves as if this is 2009.
People justify it because of the dividends gimmick. Hell, I fell the first year for it myself.