Costco last raised membership fees in June 2017.
Costco ’s plan to raise the price of its membership for the first time in seven years took effect Sunday.
The wholesale club increased annual membership fees by $5 and $10 in the U.S. and Canada, with “gold star” and business memberships up from $60 to $65, and executive memberships increasing to $130 from the earlier $120, the company said. The cost increase will impact around 52 million memberships, a little more than half of which are the club’s executive members, Costco said in a July press release.Membership with the wholesale giant comes with a multitude of perks such as testing of free samples; discounts on food, gas, home insurance, travel and grocery items; and an annual 2% reward on qualified purchases at its 882 warehouses worldwide. Revenues from membership fees were up 7.6% in the third quarter of fiscal 2023.
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