Costco raises membership fees for the first time in seven years! Affects 52 million members

It is learned that on July 10, according to foreign media reports, US retail giant Costco announced that it will increase annual membership fees in the United States and Canada for the first time since 2017.

It is understood that starting from September 1, in the United States and Canada, the annual fees for Costco's ordinary Gold Star memberships and business memberships will increase by US$5 to US$65, and the prices of its Executive Memberships will increase by US$10 to US$130.

Costco said the fee increase will affect about 52 million members, more than half of whom are Executive Black Card members. In addition, according to the announcement, the annual cash back reward of up to 2% for Executive Black Card members will increase from $1,000 to $1,250.

This adjustment is the first time Costco has raised membership fees since June 2017. Gary Millerchip, Costco's executive vice president and chief financial officer, said Costco usually raises prices about every five and a half years, and the membership renewal rate has always been good. However, this adjustment was delayed for about seven years because consumers have long faced high inflation.

It is reported that before this, its main competitors Sam's Club and Amazon have raised membership fees for more than two years. Annual fees have always been one of Costco's main sources of profit, helping it offset expenses and keep prices low. Last year, Costco earned $4.6 billion from membership fees, an increase of 8% from 2022.

Author ✎ Rayna/

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