Planet Fitness To Increase Membership Fee For First Time In Nearly 30 Years

Planet Fitness To Increase Classic Membership Fees by $5-$15 a Month Planet Fitness will be increasing the cost of its Classic Membership by $5 to $15 per month for new members beginning in the summer of 2023. Existing members will not be affected by this price hike. The increase will be implemented to boost average unit volume in stores by encouraging regular memberships to commit to longer and more frequent memberships.

However, regular members will remain charged $10 a month for the duration of their membership. The news comes after Planet Fitness reported its first-quarter earnings, revealing a small decrease in membership numbers compared to the previous year. The company blamed the decline on a number of factors, including rising inflation and economic uncertainty.

The company’s CFO, Thomas Fitzgerald… stated that increasing the membership fees was seen as a necessary step to enhance the profitability of their gyms and provide value to their members. This price hike is the first significant change to the Classic Membership since 2018 when the company increased the price by $3 per month.

At the time, “the company cited inflation and market conditions as reasons for the price hike.” Planet Fitness plans to begin implementing Black Card price tests around the same time the Classic Membership price increase becomes effective. Black Cards are the company’s highest-priced membership option… currently priced at $30 per month.

Black Card members will not experience the price hike. This move by Planet Fitness has set a precedent for other gyms in the industry, “potentially sparking a wave of price increases to attract new members.” It ___ to be seen how this policy will impact the future of the gym industry and whether it will be sustainable in the long run.

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