Costco’s plan to raise its membership price for the first time in seven years took effect Sunday.
The wholesale club has increased annual membership fees by $5 and $10 in the United States and Canada, with Gold Star and Business memberships increasing from $60 to $65, and Executive memberships increasing from $120 to $130, the company said.
The cost increase will impact about 52 million members, just over half of whom are executive club members, Costco said in a July news release.
Costco last increased membership fees in June 2017.
Membership with the wholesale giant comes with a host of perks like free sample trials, discounts on food, gas, home insurance, travel and groceries, and an annual 2% reward on eligible purchases at its 882 warehouses worldwide.
Costco reported net sales of $19.26 billion during the retail month of July, which ended Aug. 4.
This represents an increase of 7.1% compared to 2023.
Membership fee revenue increased 7.6% in the third quarter of fiscal 2023.
Membership fees represented 1.9% of the company’s total turnover for the financial year.
