While the price of your Costco membership isn't going up yet, one executive has hinted at a future increase.
, Costco's Chief Financial Officer, Richard Galanti, said this week that the big box warehouse retailer was all but assured to raise prices for membership. But he was more cagey about a timeline, or even if the change would happen in the 2023-2024 fiscal year.
A basic membership currently costs $60 per year, and executive memberships — which give additional discounts and a 2% return on some purchases — are $120 per year. It's unclear how much the company would be considering raising prices, but a price hike similar to 2017's increase would make a basic membership $65 per year and an executive membership $130.
Should Costco raise its membership fees, it would impact the nearly 130 million Americans who shop at the retailer’s 591 locations. Because people who live at the same address as a cardholder automatically get a free membership, that translates to about 71 million households.
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