Costco raising membership fees for first time in seven years. Here's how much

LANSING ― The cost of a Costco membership is about to get more expensive. The company announced on Wednesday its first price hike for its annual membership since 2017.

The annual basic Gold Star Costco membership in the United States and Canada will increase by $5 to $65 on Sept. 1. Meanwhile, the Costco Executive Membership will rise from $120 to $130 per year.

One perk for the Executive members is that the 2% annual reward will increase from a maximum of $1,000 to $1,250.

Costco has 52 million members, with just over half of those on the executive level. It operates 609 Costco Warehouse locations in the U.S., including 17 in Michigan. East Lansing is home to one Costco store, with others nearby in Grand Rapids and Brighton.

The publicly-traded company also announced Wednesday that it had net sales of $24.48 billion for the five weeks of the retail month of June that ended on July 7, an increase of 7.4% over the prior year. Through the first 44 weeks of 2024, Costco net sales are up 6.9% over 2023.

The company's stock price finished trading on Wednesday at $884.31, down $2.54.

Contact Sarah Atwood at [email protected] or on X @sarahmatwood.