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Inflation has been going bonkers in 2022 and 2023, with prices going up for just about everything. And the fact that Sam’s Club increased their membership fees in October 2022 had lots of people wondering if rival Costco was about to do the same thing. But here we are in September of 2023, and we count ourselves lucky that the answer to “Is Costco raising membership fees?” is still a no!
But that doesn’t mean it’s not in their plans.
And how much does a Costco membership cost in the meantime? Based on Costco’s history of price increases, it sure looks like we’re overdue for a jump in membership fees sometime soon.
Here’s what you need to know. For more smart shopping tips, savings hacks, and Costco deals, text HACKS to 57299.
According to Costco, it’s a question of “when, not if” membership fees are going up.
On just about every Costco earnings call, someone asks the question of whether Costco plans to raise their membership fees. And just about every time, the answer given by Costco’s Chief Executive Officer (after a chuckle) is that “it’s a question of when, not if.”
I tuned into the last quarterly earnings call on Sept. 26, 2023, and here was the scoop:
“You’ll see [a membership fee increase] happen at some point,” said Chief Financial Officer Richard Galanti. “We can’t really tell you if it’s in our plans or not. We’ll let you know when we know.”
They’re banking on the fact that Costco members have great loyalty. According to the latest numbers, renewal rates are at an impressive 92.7%.
TIP: Are you a Costco nerd, too? You’re totally allowed to listen in on the quarterly earnings calls to hear the CFO talk about which items are selling well, how they’re revamping the Costco app, and when a fee increase is coming. It’s basically just an audio-only webcast.
How much does a Costco membership cost right now?
Costco’s standard Gold Star Membership costs $60 per year.
With a Gold Star Membership, you get:
- Member-only savings at Costco
- Two membership cards
Costco’s Executive Membership costs $120 per year.
With an Executive Membership, you get:
- Member-only savings
- Two membership cards
- Annual 2% in rewards on qualified Costco purchases
- Additional benefits and more savings on Costco Services
- Extra benefits on select Costco Travel products
Costco’s Business Membership costs $60 per year.
With a Business Membership, you get:
- Member-only savings
- Two membership cards
- Ability to add affiliate cardholders for $60 each
- Purchases that are eligible for resale
TIP: Check out our Costco membership guide if you need help deciding which membership to spring for.
The Costco membership price will stay the same — for now.
Is Costco raising membership fees? No, not yet. Costco execs went on record as early as last September saying you didn’t have to worry about member prices going up anytime before January 2023. But now that we’re well past that date, their execs are still saying it’s “a question of when, not if” fees will go up, and that they’ll let us know as soon as they have a date.
Right now, prices are sitting at $60 for Gold Star membership and $120 for Executive.
In the past, we’ve seen a higher price tag on Costco memberships come up roughly every five years and seven months, so we’re well overdue.
Sam’s Club membership fees went up $10 in October 2022.
The buzz around a Costco membership price increase gained speed last September when Sam’s Club announced they’d raise their membership costs for the first time in nine years.
As of Oct. 17, 2022, the annual price for a Sam’s Club Basic membership increased from $45 to $50 (11%) and for a Plus Membership, it went from $100 to $110 (10%).
However, to ease the blow, Sam’s Club is paying for the increase for current members. If you’re a Club member, they’ll give you $5 Sam’s Cash, and if you’re a Plus member you’ll get $10 in Sam’s Cash.
Both warehouses seem to go up by 10% when they do increase subscription prices, but Sam’s Club is still cheaper overall.
Related: Here’s how to save money at Sam’s Club.
When Costco raises fees in the future, expect to pay about $5 – $10 more per year.
Costco has said that, eventually, the membership fees 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, the Costco membership price would go from $60 to $65 for Gold Star and $120 to $130 for Executive — 8.3% increases. Industry watchers expect this kind of new pricing to happen sometime in 2024.
TIP: With prices rising eventually, we can help you figure out if a Costco membership is worth it.
