The fee for the privilege of loading your cart with $5 rotisserie chickens and bulk toilet paper at Costco is likely to go up in 2023. Right now, a basic Costco membership that lasts a year costs $60, but sometime next year it could increase to $65.
The retailer tends to increase the fee by $5 about every 5½ years. Previous increases have come in September 2000, May 2006, and November 2011. The last increase to the current $60 was in June 2017, which means members are about due for a cost increase.
I can’t fault Costco here. It has been life saver for my family. I am ok to spend $10 more in annual membership…100% worth it. The benefits outweigh the fee even with an increase.— kp (@joker84) December 13, 2022
The five-year fee increase cycle was confirmed by Costco executives earlier this year. Chief Financial Officer Richard Galanti also seemed to hint that an increase is planned for 2023.
On a Dec. 8 call with investors, Galanti reiterated that membership fees would be going up, saying a hike is “a question of when not if.” Still, no official timeline or date for an announcement has been set, so consumers are left to wait and see when it will happen.
But even if you have to pay more to shop at Costco, it was a small blessing that the increase hasn't already happened, given inflation and a looming recession. Plus, you can always count on the fact that the price of a hot dog combo from the cafe is never going to go up.