Costco membership fees are going up for the first time since 2017
How much is Costco increasing its standard membership fee?
Costco is increasing its standard membership fee by $5, raising the annual cost to $65 for the Gold Star and Business memberships. This marks the first time in seven years that the company has raised its membership fees. The increase will affect around 52 million memberships in the U.S. and Canada.
What is the new annual cost of Costco's Executive Membership?
The new annual cost of Costco's Executive Membership will be $130, up from the current rate of $120. This increase will take effect on September 1.
Why is Costco raising its membership fees now?
Costco is raising its membership fees to generate more revenue and offset expenses, which helps keep merchandise prices low. The company has a track record of increasing membership costs every five years or so, and the last increase occurred in 2017. The decision also comes after rivals Sam's Club and Amazon raised their membership fees.