Inflation has been hitting businesses left and right, even causing some staple products, like tomatoes and eggs, to rise in price. Gas prices are through the roof, the real estate market is undoubtedly unaffordable for many, and retailers are raising costs all around. With the recent announcement that Sam's Club will be boosting their annual membership fees for the first time in nine years, loyal customers were concerned that competitor Costco will do the same.
Like Sam's Club, Costco members pay an annual fee that allows them to shop bulk items for discounted prices. A pretty sweet deal, if you ask us, but will that membership be worth it if the cost goes up? Luckily, it looks like Costco customers are in the clear for now, as we were reassured after the retailer's most recent earnings call, according to Insider.
While the prices of some items in the store have increased with inflation, Costco CFO Richard Galanti said that membership costs will remain stable — for now.
The CFO mentioned that Costco typically raises its prices every five and a half years, with the last increase being in June of 2017. That would bring us to January of 2023 if the timeline continues on the same pattern. Galanti didn't confirm that this will certainly be true in terms of timing, but he did confirm that a membership increase will happen eventually.
A basic annual membership currently costs $60 and is valid at any Costco location, while an executive membership costs $120, allowing for a 2% reward on qualified purchases, additional benefits, and savings on Costco Travel products. If you're not already a member, you may want to hop on the bandwagon now before the price goes up. Your wallet may be thanking you later.
Get in the Know: Costco Shopping Tips and Clever Tricks
Listen to Anna Gragert, Hunker Senior Lifestyle Editor, share secrets she's learned about Costco shopping tips, tricks, and trends on the Being Home With Hunker podcast.