Costco Membership Fees to Increase in Autumn
The cost of a Costco membership is going up for Canadians this fall, as the company says it will be raising the prices starting in September.
Currently, the retailer has two membership tiers: executive, which costs $120 annually, and gold star, which costs $60 annually. Those prices are set to change to $130 and $65 respectively, the company said in a July 10 investor news release.
Costco estimates the fee increase will impact about 52 million memberships, around half of which are executive level.
Executive memberships include a 2 percent reward on Costco purchases up to a maximum of $1,000. That number will now increase to a maximum of $1,250, the release said.
In its report to investors, the company reported net sales of $24.48 billion for the month of June, an increase of 7.4 percent from 2023.
Costco has 882 warehouses, including 108 in Canada, 609 in the United States and Puerto Rico, 40 in Mexico, and 33 in Japan, according to the release. It also operates warehouses in the United Kingdom (29), Korea (18), Australia (15), Taiwan (14), China (7), Spain (4), France (2) and one each in Iceland, New Zealand, and Sweden.
Related Stories
The company’s annual membership fee was last raised in June 2017.
Costco offers members discounted prices on food, groceries, gas, travel, and home insurance. It also offers access to additional services for customers, such as tire centres, optical, and pharmacy services.
Costco expanded its focus on groceries and household goods in March when the company began selling silver coins on its website, including a 1-ounce Canada Maple Leaf Silver Coin. The coins come in a pack of 25 for members only.
Costco was also selling 1-ounce American Eagle Silver Coins in a pack of 20.
The move comes after the retailer has seen success selling gold bars in its online store. In 2023, Costco started offering 1-ounce gold bars for about $2,000 USD (CA$2,725).
A recent report by U.S. financial services company Wells Fargo estimated that Costo’s revenue for the gold bars could be between US$100 million to US$200 million each month, which is CA$136 million to CA$272 million.
The Canadian Press contributed to this article.
