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Inflation has been going bonkers in 2022, with prices going up for just about everything. And the fact that Sam’s Club increased membership fees has had lots of people wondering if rival Costco is going to do the same thing. So is Costco raising membership fees?
Based on Costco’s history of price increases, it sure looks like we’re overdue for a jump in membership fees.
Not so fast — we’ve heard from Costco about their membership fees. Here’s what you need to know.
Costco memberships will stay the same through the end of January 2023.
Is Costco raising membership fees? No, not yet. Costco execs have gone on record saying you don’t have to worry about member prices going up anytime between now and January 2023.
Right now, prices are sitting at $60 for Gold Star Everyday and $120 for Gold Star Executive.
In the past, we’ve seen a higher price tag on Costco memberships roughly every five years and seven months.
Sam’s Club membership price is going up $10 in October.
As of Oct. 17, 2022, the annual price for a Club membership increased from from $45 to $50 (11%) and for a Plus Membership, from $100 to $110 (10%).
However, to ease the blow they’re paying for the increase for current members. If you’re a Club member, they’ll give you $5 Sam’s Cash and $10 if you’re a Plus member.
Both warehouses seem to go up by 10% when they do increase subscription prices, but Sam’s Club is still cheaper overall. (And if you’re a shopper at that warehouse, you’ll want to know how to save money at Sam’s Club.)
When Costco raises fees, expect to pay about $5 – $10 more per year.
Costco has said that, eventually, the membership cost WILL go up. And there’s reason to believe it’s going to be sooner than later, based on past price hikes.
Here’s what that’s looked like in the past:
- November 2011: Increased $5 – $10, from $50 to $55 (10%) and from $100 to $110 (10%)
- June 2017: Increased $5 – $10, from $55 to $60 (9%) and from $110 to $120 (9%)
Based on the pattern of about five years, seven months between price hikes, we’d be on target for a more expensive membership as of January 2023 — but according to Costco, that’s not happening thanks to a financially successful 2022.
Costco hasn’t said when they’re raising membership fees, nor how much that increase would be, but based on the Sam’s Club’s increase and Costco’s pattern over the years, we can take a guess.
If the pattern is consistent, Costco membership costs would go from $60 to $65 for Gold Star Everyday and $120 to $130 for Gold Star Executive — 8.3% increases. Industry watchers expect this kind of new pricing sometime during late 2023.
TIP: With prices rising eventually, we can help you figure out if a Costco membership is worth it.