“We don’t feel it’s right that nonmembers receive the same benefits and pricing as our members,” Costco said in a statement. Costco members pay either $60 for a regular membership or $120 for an executive card every year to shop at clubs. The company has not raised the cost of its membership since 2017, despite rivals such as Amazon and Sam’s Club raising their membership fees. Costco made $4.2 billion in membership fees in 2022, a 9% increase from 2021. Any changes to membership growth or renewal rates could hurt Costco and force it to raise prices.

Source: CNN June 28, 2023 21:29 UTC