Costco members can't seem to catch a break this year. It was just a few months ago when the warehouse announced that they would be cracking down on membership-card sharing, and now Costco just dropped an even bigger bomb.
Membership price hikes could likely be coming soon, according to Costco’s Chief Financial Officer Richard Galanti. The New York Post reports that Galanti said that it's a “question of when, not if” when asked about the potential for membership prices to go up during a call with investors.
"We’ll let you know when we know. So, you know, stay tuned. We’ll keep you posted," the CFO revealed.
For those keeping track, the cost of Costco's Gold Star membership last went up in 2017 from $55 to $60. Needless to say, Costco customers aren't happy about the latest news.
"Raising the price of the Costco membership is BS. We all know y’all make like a billion dollars just on that worth an infinite ROI AND we know y’all are doing great financially so why the price increase??? #costco #greed #fakeinflation," wrote someone on X, formerly known as Twitter.
"The bulk of their profits come through membership fees. And now the greedy overpaid CEO needs to gouge the customer again, even more," another person added.
And then there are those customers who have cancelled their membership or plan on canceling due to the potential price increase.
"I am glad I listen to my kids, it’s starting to get way too costly. I won’t be renewing my membership, good luck Costco," a customer said.
It remains to be seen how much the company would raise prices, but a hike like 2017's would make a basic annual membership $65 and an executive membership $130.
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