Your Costco membership is officially more expensive

Transcript:

Caroline Woods: I’m Caroline Woods reporting from the New York Stock Exchange - here’s what we’re watching on TheStreet as of late.

It became a rough first trading day of the month, with the Dow, S&P five hundred, and Nasdaq all finishing in the red. New economic slowdown fears stoked the sell-off, because the manufacturing sector showed signs of weakness in August.

Investors are taking a look in advance to Wednesday’s JOLTS report, as well to the discharge of the Federal Reserve’s Beige Book.

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In other news - Costco has officially hiked its membership price for the first time in 7 years. Back in July, the wholesale retailer said it'd expand the membership fees for three of its plans - Gold Big name, Business, and Business Add-on. And now Costco has increased a fourth - it’s Executive membership. The membership fees have increased by $5 to $sixty five, depending on your plan.

Costco says fifty two million memberships will likely be impacted by the value increases, with greater than 50% of them coming from its Executive tier.

In 2023, the company brought in $four.6 billion in revenue from membership fees, an Eight% expand from 2022. On the other hand the value hikes aren’t Costco’s handiest big change - it continues to crack down on membership sharing. Shoppers in the meanwhile are required to scan their membership card as they enter the shop and have been encouraged to make use of a card with their photo on it.

Costco now also requires all non-members to be accompanied by somebody with a membership, making it more tough to share cards amongst family and friends.

That’ll do it to your Day-to-day Briefing - I’m Caroline Woods with TheStreet.

Related: Costco shares secrets of its treasure hunt plans