Will Costco membership fees increase?
Posted December 15, 2023 1:19 pm.
Last Updated December 17, 2023 5:50 pm.
Costco Wholesale is a little overdue for a hike in membership fees but shoppers seem to be in the clear for now.
CityNews business editor Kris McCusker says membership fees were not addressed as part of the company’s first-quarter earnings report.
McCusker explains Costco typically raises prices every five years and seven months on average. She adds the last hike was in June 2017 but the change was announced in March of that year.
Memberships have also been trending higher, with 72 million paid household members at the end of the first quarter — which is up by 7.6 per cent from last year.
Costco CFO Richard Galanti said acknowledged during an update that the “retailer has gone longer than average without an increase.”
He adds all variables are in place for a raise but that it’s a question of “when, not if.”
An analyst at UBS says he is expecting a hike to come next summer.
