Costco raising membership fees this weekend – the first time since 2017
Costco is raising its membership fees for the first time in seven years.
The popular warehouse chain announced the increase in July as part of a monthly sales report, noting that members will have to pay an additional $5 to $10 annually.
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Costco’s annual fee has remained the same since 2017, despite several years of unusually high inflation rates that have finally been cooling down in recent months.
How much will new Costco membership cost?
The new fees, set to take effect Sept. 1, will boost the price of Costco’s basic Gold Star membership from $60 to $65 annually, while the cost for the premium Executive membership will rise from $120 to $130.
Basic Gold Star membership: $65
Premium Executive membership: $130
With inflationary pressures squeezing household budgets, Costco’s commitment to offering low prices on a wide range of food and other merchandise has helped make its warehouse an even more popular shopping destination.
Shoppers outside a Costco store in Bayonne, New Jersey. (Credit: Angus Mordant/Bloomberg via Getty Images
That phenomenon, in turn, has helped boost its profits, making its stock a hot commodity among investors. Costco’s shares have nearly doubled during the last 18 months, increasing the company’s market value by about $180 billion during that span.
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The Issaquah, Washington-based company operates more than 700 warehouses in the U.S. and Canada.