Costco’s first membership fee increase in 7 years now in effect

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.

Costco last raised membership fees in June 2017.

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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. 

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Costco reported $19.26 billion in net sales in the July retail month, which ended on Aug. 4. This was up 7.1% from 2023.

Revenues from membership fees were up 7.6% in the third quarter of fiscal 2023. Membership fees made up 1.9% of the company’s total revenue for the fiscal year.

Fox Business’ Pilar Arias contributed to this report.