All membership tiers are set to increase.
Costcoannounced this weekthat the company will increase annual membership prices as of September 1.
The basic membership rate will be hiked from $60 annually to $65.
The executive membership will be $130 each year, an increase of $10.
The last time Costcoraised membership priceswas in 2017 when the basic rate went up $5 to $60.
The membership increase will affect about 52 million memberships, according to Costco.
Just over half of those are executive members.
The maximum amount that executive members can currently receive annually is $1,000.
Under the new plan, that jumps to $1,250.
Costco Reviews Membership Fees on a 5-Year Cycle
The news isnt totally surprising.
We’ve historically looked at increasing the membership fee every five years or so.
We feel really good about membership renewal rates.
But I think we are our own probably toughest competitor in that.
Currently, Sams Club charges $50 for the basic membership and $110 for its plus membership.
Basic membership at BJs Wholesale Club is $55 and the Club+ Card membership is $110.
According to the investor report, Costco currently has 882 warehouses, including 609 in the United States.
