NextSharkNextShark.com
Latest Newsletter🍵 Monterey Park hero awardedRead

Article

Costco CFO confirms increase in membership prices

via Wall Street Journal

    Asian America Daily - in under 5 minutes

    Get our collection of Asian America's most essential stories, to your inbox daily, for free!

    Unsure? Check out our Newsletter Archive

    During an earnings call on Thursday, Costco CFO Richard Galanti confirmed that membership prices will soon be increasing. 

    Earlier this year, Galanti responded to a question about the possibility of membership prices rising “in light of companies like Amazon and Netflix raising their fees.” 

    While he confirmed the fee increases, Galanti noted that Costco “look[s] less at what others do” and more so at the intervals between Costco’s previous increases. 

    At the Costco Wholesale Corporation fiscal Q1 2023 conference, Galanti stated that Costco “[has] no problem thinking about doing it and doing it ultimately. So, it’s a question of when, not if.” 

    Galanti added that members may see prices spike as early as January 2023; however, he assured that the company is in no rush to raise membership fees. 

    “If we have to wait a few months or several months, that’s fine,” Galanti said. 

    Galanti, who is also the executive vice president and director of Costco, expressed confidence in the loyalty of Costco members, stating that the renewal rates were continually increasing regardless of inflation.

    He added that the Executive Membership, Costco’s most expensive membership tier, has been seeing a higher renewal rate than Gold Star and Business memberships. 


    Related Stories:

    Costco raises prices of two food court favorites

    How Costco became a mecca for Asian American shoppers

    Costco’s typical shopper is a 39-year-old Asian American woman earning over $125K a year, report says

    Budget guru TikToker shares Costco ‘hack’ that allows customers to return years-old purchases

    Support our Journalism with a Contribution

    Many people might not know this, but despite our large and loyal following which we are immensely grateful for, NextShark is still a small bootstrapped startup that runs on no outside funding or loans.

    Everything you see today is built on the backs of warriors who have sacrificed opportunities to help give Asians all over the world a bigger voice.

    However, we still face many trials and tribulations in our industry, from figuring out the most sustainable business model for independent media companies to facing the current COVID-19 pandemic decimating advertising revenues across the board.

    We hope you consider making a contribution so we can continue to provide you with quality content that informs, educates and inspires the Asian community. Even a $1 contribution goes a long way.  Thank you for everyone's support. We love you all and can't appreciate you guys enough.

    Support NextShark

    Mastercard, Visa, Amex, Discover, Paypal