Roughly every five years, the cost of Costco memberships increase. That five-year mark is coming up this June.
At the time, fees increased by $5 for all personal and business memberships in North America. It bumped all U.S. and Canada Goldstar, Business and Business add-on members to an annual fee of $60. Executive memberships in North America increased from $110 to $120. Customers fill cups with soda at the food court of a Costco Wholesale Corp. store in San Antonio, Texas, May 30, 2018.
Galanti didn't specify if a fee increase would actually occur, telling investors, "at some point, it will happen but stay tuned." Galanti said the company historically looks at its renewal rates and whether the company has increased the value of its membership. Even with numerous economic headwinds hitting the industry, including inflation hitting a 40-year high, renewal rates continue to increase. During the three-month span ending in March, U.S. and Canada renewal rates stood at 92%, up from the previous quarter.
An employee fills cups with samples of Costco Wholesale Corp. Kirkland Signature brand organic lemonade at a store in San Antonio, Texas, May 30, 2018.As a result, the company feels "very good about our member loyalty, our success in getting members to move to executive member, which are the most loyal," Galanti explained.
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