Costco shoppers will see their membership fees go up for the first time since 2017, the company said Wednesday, betting the move will boost profits without turning off its loyal customer base.
Starting Sept. 1, Costco Gold Star, Business and Business add-on members in the United States and Canada must pay $65 for annual memberships, up from $60.
Executive members will have to pay $130, a $10-per-year increase. The move will affect 52 million members, “a little over half of which are Executive,” Costco said in a news release. Executive members are offered up to $1,000 in rewards for their purchases. The maximum rewards will increase to $1,250 with the fee hike, the company said.
The fee increase comes despite Costco defending its image as a place to find low-priced bulk goods in an economy struggling with inflation. On an earnings call in late May, Gary Millerchip, the company’s chief …