Starting October 17, 2022, Sam’s Club’s basic-membership tier customers will have to pay $50 annually, up from $45. Meanwhile, its premium “Plus” tier customers will have to pay $110, up from $100 before.
The hikes bring Sam’s Club’s membership fee closer to Costco’s, which charges $60 for its basic membership and $120 for its Gold membership.
The increase in membership fees comes at a time when more consumers are choosing to buy in bulk to tackle inflation.
Sam’s Club CEO Kath McLay noted that the company is mindful of the financial pressure on wallets right now and would thus be reimbursing the fee increase in the form of Sam’s Cash this year, CNBC reported.
The warehouse retailer currently operates 600 stores in the U.S. and Puerto Rico. While the company does not disclose the total number of its members, it revealed that its membership levels are at an all-time high, with its membership income reportedly rising by 8.9% in the quarter that ended July 31, 2022.
Sam’s Club’s sales are now ahead of other businesses that Walmart owns. Its same-store sales rose by 9.5% in its most recent quarter, which was much higher than the 6.5% growth reported by Walmart stores.