Canadian shoppers react to Costco increasing membership fees starting this fall – NOW Toronto

For the first time in seven years, Costco will be increasing its annual membership fees starting on Sept. 1. 

On Wednesday, the retail giant announced that the membership fees will go up by $5 for U.S. and Canadian members. With this increase, the current Gold Star membership will be $65 a year and Executive Memberships will jump from $120 to $130 a year. 

Additionally, the maximum annual two per cent reward associated with the Executive Membership will increase from $1,000 to $1,250. The fee increases are set to impact 52 million memberships, according to the retailer. 

This marks the first hike in fees Costco has made since June 2017. 

According to the corporation’s third quarter (Feb. to May) and year-to-date (first 36 weeks of 2024) operating results, net sales for the third quarter increased by 9.1 per cent, to $57.39 billion USD, from $52.60 billion USD last year. 

“Net sales for the first 36 weeks increased seven percent, to $171.44 billion, from $160.28 billion last year. Net sales were positively impacted by approximately 0.5 to 1.0 percent for the quarter from the shift of the fiscal calendar, as a result of the fifty-third week last year,” reads the report.

In comparison to last year, Costco’s third quarter net income was $1.30 billion. 

REACTIONS FROM SHOPPERS

Online, some users say the price increase is still relatively cheap. 

“$65 is no problem, right? Nobody can walk in and out of a Costco without spending at LEAST $100. Costco saved us $65 in gas in like 4 tanks. Just go buy Costco,” one X user said.

“Amazing, only $5 in 7 yrs, I wish other businesses could keep up,” another user said.

“Still extremely cheap,” another comment read.

“$5…. jk, as long as they don’t mess with food court prices, we good,” another user commented.

Meanwhile, others say prices are getting too expensive.

“Costco prices are out of this world now..I’ll never shop there again, no savings anymore,” one user said.

“Can’t afford the hotdog anymore,” another user said.

“Costco ain’t that special they gotta chill,” another comment read.