Since Costco management have hinted for months that membership costs will rise, shoppers have been waiting
with bated breath. The chain confirmed that it will hike rates, but customers will have to wait for additional details on the schedule.
This week, Costco management convened an earnings call to discuss its latest quarter's performance and future objectives.
When asked if Costco will raise membership prices, CFO Richard Galanti said, "it's a question of when, not if."
Costco has hiked membership costs every five years and seven months, most recently in June 2017. Membership costs should have increased
by now if the corporation wants to stick to its timeline. Galanti said Costco has waited longer than usual to raise rates, but consumers will see one.
We can't say if it's in our plans. We'll inform you when we know...So, keep tuned. We'll update. But I can't say anything about it "said.
Galanti said Costco considers the economy when setting prices. As Costco approached five-and-a-half years after its June 2017 fee rise,
inflation and economy headlines abounded. Galanti noted that Costco is "doing great" and has "great loyalty." It will not raise fees for now.