Costco in America to raise membership prices, but no plans now to change NZ fees

Costco in the United States will follow Amazon and most streaming services in raising its membership fees.

But the mega-retailer has no plans at present to raise New Zealand membership fees.

Overseas, Costco chief financial officer Richard Galanti said on a recent earnings call the price increase will happen soon.

Accodring to USA Today, he did not specify when, but said the company typically raised membership fees, on average every five years and seven months.

The last increase was in mid-2017.

“We feel that we’re in a very strong, competitive position right now, and if we have to wait a few months or several months, that’s fine,” Galanti reportedly said.

“At this juncture, we’ll just have to wait and see.”

US news outlet The Hill said Galanti acknowledged fears of a recession but said there was “no rush” to raise fees.

The Hill said Costco’s move would follow similar steps from Amazon and major streaming providers.

Costco membership in New Zealand is currently $60 for individual use and $55 for business or enterprise use.

Costco opened its first New Zealand warehouse with much fanfare in late September. Photo / NZME

Costco managing director Patrick Noone today said there were no plans to change prices in New Zealand at present.

The company opened a warehouse in Auckland’s Westgate on September 28.

Fresh produce and food were top sellers at the West Auckland warehouse in its early days, with Madagascar crabs and rotisserie chickens flying out the door.