Costco will hike annual membership fees by $5 in the U.S. and Canada starting Sept. 1.
Costco is hiking annual membership fees in the U.S. and Canada by $5, and raising the cost of its higher-tier membership by $10.Costco relies on the fees to keep prices low, as it competes with rivals like Sam's Club and BJ's.The membership-based warehouse club said Wednesday that it will increase its membership fee by $5 in the U.S. and Canada as of Sept. 1. That's an increase to $65 from $60 for annual memberships.
Costco said the fee increases would affect around 52 million memberships, a little over half of which are executive memberships.It marks Costco's first membership rate increase since June 2017. On average, the company has raised rates roughly every five and a half years — which would have put Costco on track to raise the fee in late 2022 or early 2023.
However, Costco held off on raising fees prior to now. In interviews with CNBC, CEO Craig Jelinek previously said itMusk says next Neuralink brain implant expected soon, despite issues with the first patientin 2022 for the first time in nine years. Yet even after the fee bump, a Sam's Club membership was cheaper — at $50 for club members and $110 for members of its higher-tier level,"Plus," on an annual basis.
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