Costco in Canada and the U.S. is raising the price of its annual membership.
The increase will occur on September 1st and raise the price from $60 to $65 per year. If you want an Executive Membership, the new cost is $130. This is a $10 increase, but you do get the opportunity to score up to $1,250 with your two percent rewards bonus by the end of each year.
Overall, this isn’t a huge increase and falls in line with the retailer’s typical pattern of upping its fees every five years or so. The last time it changed membership rates was in 2017 and 2012 before that.
It’s also worth noting that when Costco changed its price in 2017, it also only raised it by $5. Another interesting note is that in 2016, leading up to the price increase, Costco had roughly 35 million members. In the latest press release, the retailer has 52 million members, which is a huge increase over the last seven years.
When Costco opened in 1983, the memberships were $25. The Executive Membership cost $100/year when it launched in 1997.
Costco membership prices
- 1983 – $25
- 1992 – $30
- 1995 – $35
- 1998 – $40
- 2000 – $45
- 2006 – $50
- 2011 – $55
- 2017 – $60
- 2024 – $65
Costco Executive membership prices
- 1997 – $100
- 2011 – $110
- 2017 – $120
- 2024 – $130
Source: Costco, (2), (3), @StockMKTNewz
Image source: Shutterstock
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