Costco is increasing its annual membership fees in the US and Canada, raising for regular memberships and the higher-tier Executive Membership. This is the first fee increase since June 2017. On average, Costco has historically raised prices every 5 to 6 years. The fee increases will affect about 52 million memberships, over half of which have the Executive Membership. Costco relies heavily on membership fees for revenue, using the money to help keep product prices low for members. Costco says the last fee increase was delayed due to high inflation impacting consumers.
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00:00It's Benzinga, and here's what's on the block.
00:02Costco is increasing its annual membership fees in the US and Canada, raising for regular
00:07memberships and the higher-tier executive membership.
00:10This is the first fee increase since June 2017.
00:14On average, Costco has historically raised prices every five to six years.
00:18The fee increases will affect about 52 million memberships, over half of which have the executive
00:23membership.
00:24Costco relies heavily on membership fees for revenue, using the money to help keep product
00:28prices low for members.
00:30Costco says the last fee increase was delayed due to high inflation impacting customers.
00:35For all things money, visit Benzinga.com.