Costco shoppers soon may have to dig a little deeper to pay their membership to the mega-popular warehouse club.
In a recent research note, Wells Fargo analysts predicted that the retailer is likely to boost its membership fee sometime within the next 18 months, Fox Business reports.
The current membership structure is an annual fee of $120 for the Gold Star Executive level, or $60 for the Gold Star level.
Costco last raised fees in June 2017, when it hiked membership costs $10 for the Gold Star Executive package. The last increase on the Gold Star Everyday membership was $5.
The analysts noted that Costco traditionally has hiked fees every five to five-and-one-half years. The retailer has seen its popularity surge in the last year. According to Fox Business, not only did Costco see its in-store sales grow during the pandemic, but online sales also increased.
In other news, Costco now is testing a curbside pickup service. In Costco’s most recent earnings call, Chief Financial Officer Richard Galanti said:
“Our three-warehouse curbside pickup test in Albuquerque is ongoing. We don’t really have a lot to add at this time as the test is recent and continuing. The pilot is going well. Our members have responded to it and basket size has actually surpassed our expectations.”
Looking for ways to save at Costco? Check out “11 Ways to Save Even More Money at Costco.”
Warehouse clubs often offer great deals, but there are times when you are best off shopping elsewhere. For more, check out “19 Purchases You Should Avoid at Warehouse Clubs.”
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