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Costco raises membership fees for first time since 2017

VaselineSeptember 4, 2024

0 1 minute read

Costco raises membership fees for first time since 2017

Costco’s price increase for members went into effect Sunday, marking the first time the retailer has raised prices since 2017.

The company announced plans in July to raise the price of a Costco membership, increasing the annual fee from $60 to $65 for Gold Star memberships in the United States and Canada.

Costco also announced that its executive membership would increase from $120 to $130 and that the maximum 2% annual reward associated with executive membership would increase from $1,000 to $1,250.

The fee hike will affect about 52 million members, just over half of whom are executives, the company said.

“It’s been more than seven years since Costco’s last general membership fee increased,” Costco said in a statement to USA TODAY Tuesday afternoon. “Membership fees help offset costs so we can keep our prices low. A modest fee increase allows us to provide even more value to our members.”

Costco last raised membership fees in 2017

The Washington-based company reported net revenue of $210.55 billion for the first 44 weeks of 2024, up 6.9% from a year ago. The company has 882 warehouses in the U.S., Puerto Rico, Canada, Mexico, Japan and other countries.

The company also has e-commerce sites in the US, Canada, the UK, Mexico, Korea, Taiwan, Japan and Australia.

The last time the company announced a membership increase was in 2017, when the retailer started charging an additional $5 for individual, business and business add-on members in the U.S. and Canada, bringing the price to $60.

The company also decided in 2017 to raise the cost of executive memberships in the U.S. and Canada from $110 to $120. The increases affected about 35 million members, according to the Associated Press.

Saleen Martin is a reporter for USA TODAY’s NOW team. She is from Norfolk, Virginia – the 757. Follow her on Twitter via @SaleenMartin or send her an email at [email protected].

VaselineSeptember 4, 2024

0 1 minute read

Costco last raised membership fees in 2017

Vaseline

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