BUSINESS
Costco’s new membership prices starting September 1: How much will they go up to?
Costco has announced increases to their membership prices for the first time in over five years. Here are the details on the new prices.
Costco is planning to increase its membership prices for the first time in six years. The warehouse club company has stated that the changes will take effect on September 1. Currently, Costco offers three types of memberships: the Gold Star Membership and the Business Membership, both priced at $60 per year and the Executive Membership, which costs $120 a year.
Costco’s new membership prices
Starting September 1, 2024, annual fees for Gold Star and Business Memberships, as well as additional Business Membership members, will increase by $5. Business Membership is exclusively for business owners to buy products for commercial, personal, and resale use. As a result, beginning September 1, these memberships will cost $65 for Costco members in the United States and Canada.
On the other hand, starting September 1, annual rates for Executive Memberships will go up from $120 to $130. To entice customers into keeping their memberships at a higher price, Costco will be tacking on additional benefits.
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Executive Membership offers even greater savings and a 2% annual reward on qualifying purchases. The maximum annual reward for these members will also increase from $1,000 to $1,250. The company has noted that the rate increases will impact around 52 million members in the United States and Canada, just over half of whom have an Executive Membership.
Currently, Costco operates 882 warehouses, including 609 in the United States and Puerto Ricoand 108 in Canada. It also operates e-commerce sites in the United States, Canada, and other countries.