Costco is planning to increase membership fees for the first time in seven years, and the plan took effect Sunday.
The company said its wholesale clubs are raising annual membership fees by $5 and $10 in the United States and Canada, respectively, while Gold Star and Business memberships will rise from $60 to $65 and Executive memberships will rise from $120 to $130.
Costco said in a July press release that the price increases would affect about 52 million members, just over half of whom are executive club members.
Costco last raised membership fees in June 2017.
Membership with the wholesale giant comes with a variety of perks, including free sample trials, discounts on food, gas, home insurance, travel and groceries, and 2% annual rewards back on eligible purchases at 882 warehouses around the world.
Costco reported net sales of $19.26 billion for the seven retail months ended Aug. 4.
This is a 7.1% increase from 2023.
Membership fee revenue increased 7.6% in the third quarter of fiscal 2023.
Membership fees accounted for 1.9% of the company's total revenue for the fiscal year.
