NEWS: Costco Is Raising Membership Prices — How Much More Will YOU Be Paying?

Costco is getting a bit more expensive.

Food at Costco

From their well-known $1.50 Hot Dog Combo to their litany of deals on all kinds of products — including Disney gift cards from time to time — Costco is well known as one of the best deals in retail. However, things are about to get a bit more expensive at the well-known retailer.

According to a press release, Costco is planning to raise membership costs in 2024 for the first time since 2017.

Effective September 1, 2024, annual membership fees for U.S. and Canada Gold Star (individual), Business, and Business add-on members will increase by $5, to a total of $65. In addition, annual fees for Executive Memberships in the U.S. and Canada will increase from $120 to $130 (Primary membership of $65, plus the Executive upgrade of $65).

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The price increase will come with an expansion of one per for the higher tier members however, as the chain added “the maximum annual 2% Reward associated with the Executive Membership will increase from $1,000 to $1,250.” According to Costco, these fee increases will “impact around 52 million memberships, a little over half of which are Executive.”

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Annual fees are one of the biggest drivers of Costco’s business. In 2023, the company earned $4.6 billion in revenue from membership fees, an 8% increase from 2022. During the same year, the company also began cracking down on members sharing membership cards with non-members.

Costco began requiring shoppers to use the self-checkout lane to provide photo identification that matches their Costco membership card, matching the policy that had been in place at regular registers. At the time, the chain said in a statement, “We don’t feel it’s right that nonmembers receive the same benefits and pricing as our members.”

Disney Halloween Decorations available at Costco

Costco was founded by James Sinegal and Jeffrey Brotman in Seattle, Washington in 1983. The chain currently operates 882 warehouses, including 609 in the United States and Puerto Rico, 108 in Canada, 40 in Mexico, 33 in Japan, 29 in the United Kingdom, 18 in Korea, 15 in Australia, 14 in Taiwan, seven in China, four in Spain, two in France, and one each in Iceland, New Zealand and Sweden. Costco also operates e-commerce sites in the U.S., Canada, the U.K., Mexico, Korea, Taiwan, Japan and Australia.

©Costco

Costco is raising the prices of their membership tiers — $5 and $10 respectively — for the first time in seven years. Stay tuned to DFB for further updates on Costco.

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Would a price increase have you rethinking your Costco membership? Let us know in the comments below.