Planet Fitness announces first membership fee increase since 1998

UNDATED (WKRC) – Planet Fitness will increase its membership fees for the first time since 1998.

According to CBS News, the fitness chain is increasing the cost of its basic membership from $10 to $15. According to the network, the new price increase will take effect this summer.

According to CBS, the company confirmed during its first-quarter earnings call that current members will continue to pay $10 until their membership expires.

“It will take some time for the price change to increase our store margins, as the price increase will only affect new Classic Card memberships,” said Tom Fitzgerald, chief financial officer of Planet Fitness, according to the network.

Planet Fitness executives acknowledged that many Americans were looking to save money, but said the decision was made after testing prices in several markets.

“We use a disciplined, data-driven approach to determine the best balance between higher dues while minimizing membership loss. Based on our learnings, we have decided to change the price of the classic card to $15 ” said Craig Benson, CEO of Planet Fitness. the call, according to CBS.