Change is always a hard pill to swallow. Nobody knows this better than retailers and nobody complains about it more than the faithful customer base who shops with them. In business, change is an inevitable, yet necessary process in terms of successful growth as a company. Brands like Costco have grown for years with customer demand while maintaining familiar costs of goods and membership prices. But that's all about to change come September 1.
In a recent announcement , Costco released details of an upcoming membership price increase that will go into effect on September 1, 2024. The company plans to increase the annual membership fees by $5 for U.S. and Canada Gold Star (individual), Business and Business add-on members. All Gold Star, Business and Business add-on members will see an increase from $60 to $65 annually, while Executive Membership holders will see an increase from $120 to $130 annually.
While the price increase is arguably minimal—and the first price increase since 2017—the true silver lining lies within those who are Executive Membership holders. These members enjoy a 2-percent annual reward program that breaks even at about $250 spent per month. So, if Executive members spend more than $3,000 per year at Costco, the membership already pays for itself. With that said, in addition to the membership price increases, the maximum annual 2-percent cash back reward will increase from $1000 to $1250.
As news of the impending membership price increase spreads online, customers have naturally been pretty vocal with what they expect to get out of the deal (as if any negotiations were ever in the cards). Costco Deals on Instagram came in quick with the full scoop, and some of the comments were pretty entertaining to read.
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“Bring back the combo pizza and everything will be okay,” wrote one hopeful membership holder. Another pleaded, “Do what you must, just bring back the churros.”
Clearly, Costco's customer base is willing to bend with change, however, the brand might want to start bringing back some familiar favorites to help soften the price increase blow for others.
“With Executive membership, I haven't paid for membership in over 10 years,” wrote another satisfied customer who seemed completely unbothered by the change.
There were, however, commenters who were a bit riled up about the changes. "Dislike. We weren’t renewing our membership. Keeping Sams," said one. "If people stopped sharing their membership then maybe they wouldn’t increase the price," said another.
Other commenters noted that in addition to the membership increases, employees have also been receiving raises, which is a nice caveat to the whole situation. Costco not only pays employees a fair wage, but they also offer a very affordable health and dental package, making any changes to membership prices fair in our book.
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