Costco shopper ‘def canceling membership’ after price change ‘wipes out’ savings – it’s set to hit 52 million members

COSTCO members are questioning whether they get enough out of their membership ahead of a major price change.

The members-only wholesaler is raising prices for the first time in years amid inflation.

Standard memberships prices will go up from $60 to $65 a year.

Executive memberships will go up from $120 to $130.

The company said the change will impact 52 million members, about half of whom pay for the executive membership.

It’s the first time the prices have gone up since 2017 — a longer period than usual.

Membership prices have historically changed about every five years.

The price rise is coming September 1.

SHOPPERS REACT

Some customers are unhappy with the change.

Business writer Trung Phan posted his calculations on X.

“I will def be canceling my membership, which I haven’t been able to get value from for years,” he said.

He said he saves roughly $66 a year by shopping at Costco, before subtracting the membership cost.

Plus, he said the savings were on things like “comically oversized cans of tuna.”

After subtracting the current $60 fee, he says he saves just a few bucks.

“So, I basically save $6 dollars on food that will go bad before I can eat it and have a bunch of scratches on my car for trying to find a parking spot in the lot on the weekend,” he said.

Those savings are even smaller under the new price — adding up to just $1.

“The $5 annual membership price hike wipes all the savings out,” he said. “Thanks but no thanks.”

The post was popular, gaining over 500,000 views.

Costco membership sharing guidelines

Costco has strict rules for membership use that shoppers must follow and they've been cracking down on offenders in recent years.

• Primary Member Use: Only the primary cardholder can use this Costco membership card. Sharing it for purchases is not allowed as the photo on the card must match the person using it.
• Household Card: Each primary member can add one free household cardholder who lives at the same address. This person will receive their own membership card and can shop at Costco independently.
• Guest Policy: Members can bring up to two guests per visit to Costco. However, only the member can make purchases. Guests must be accompanied by the member.
• Authorized Cardholder: For an additional fee, you can add an authorized cardholder, such as a family member or friend, who doesn't reside at your address. They will receive their own card and can shop independently.

Credit: Costco

COST WOES

Phan was not the only one to complain about the price rise.

Another shopper called the increase a “rip off.”

Some members have become disgruntled with the store for another reason.

They say it’s become increasingly strict.

One member said they were “hurt to the core” after being disqualified from a promotion.

Many shoppers love Costco’s generous return policy.