Costco Canada shoppers are about to see some changes. The wholesale chain is set to increase annual membership fees starting this fall.
These changes will take effect on September 1, 2024, when the $60 Gold Star membership will increase to $65, while the Executive membership will jump from $120 to $130. So we asked Canadian shoppers their thoughts on the price increase and if they believe they’re getting their money’s worth from their memberships.
One shopper said she’s been a member for 20 years and has an Executive membership that she uses to shop for a household of five. She often heads to Costco to shop for snacks, olive oil, toilet paper, tofu, and yogurt.
“With 2% money return, it pays my membership every year,” she explained.
However, she said that Costco’s decision to increase membership fees is “not fair, especially after all their price increase on food.”
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Saskatoon resident Bill Wakabayashi, 75, has been a member for over 20 years and says he’s satisfied with his Gold Star membership. But although he’s content with his membership, he’s certainly not happy about the increase.
“Pricing on everything increases, but the cost of membership should not be affected,” he said.
One 66-year-old shopper from Calgary said that his Executive membership has been worth it for Costco’s deals and discounts, but he doesn’t like the idea of the membership price going up.
“I may consider downgrading my membership,” he said.
Victoria, BC, resident Jason, 51, downgraded to a Gold Star membership after discovering that the Executive membership “wasn’t worth it anymore” and is against the company’s decision to increase membership fees.
“With the way prices are, it’s a pretty weak move on Costco’s part,” stated Jason.
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One Executive member from Montreal said he’s been shopping at Costco for 30 years.
“I love their products, and the location was originally very close to home,” he said.
When asked about the increase, he stated, “I’m not too happy but will still stay as a member.”
E.W. McGinn, 75, from Calgary, said he has a Gold Star membership but now has second thoughts.
“I am beginning to wonder if it’s worth having any membership,” he said. “[The increase] is unnecessary — the recorded profit for the company speaks for itself.”
However, not everyone appears to be against the increase.
A 63-year-old shopper from Edmonton said he’s been a member for 24 years. He uses his Executive membership to shop for a household of three and finds that the annual membership fee is “very worth it.”
“[It’s a] very responsible increase,” he said.
One shopper said that her Executive membership is worth it. She goes to Costco to shop for her family’s groceries, furniture, TVs, and laptops and even book vacations through the app.
“Plus, the amazing return policy makes it worth it,” said the 43-year-old from Parksville, BC. “An added bonus is that if there are any recalls on items, you are personally notified.”
She said she understands the reasons behind the increase.
“Everything is more expensive, so I understand it’s something that has to be done, especially if employees require raises, etc.,” she said.
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Ontario resident George Anthony, 40, said he uses his Executive membership for snacks, meat, grass-fed butter, and gasoline.
“[The increase is] known to happen every five years, I thought,” he said. “It should have happened during the pandemic. I don’t understand all the anger.”
Toronto resident Jason, 31, has been shopping at Costco for over ten years and uses his membership for oil, flour, toiletries, and gasoline.
“I used to have an Executive membership but wasn’t spending enough to break even or come out on top,” he explained. “There is something to the effect that you can get part or all of your membership fee back if you don’t spend a certain amount during the year. I always got pushback or felt like I was being judged when I inquired about it at renewal.”
Despite this, he believes increasing membership rates are “justified.”
“Everything is getting more expensive,” he said. “I applaud them for holding out this long.”
Jason added, “As long as they don’t mess with hotdog prices, I’m good.”
What are your thoughts on Costco’s increasing membership fees? Let us know in the comments.
With files from Simran Singh