Iowans Won’t Like This News About Their Sam’s Club Membership
It feels like everything is getting more expensive these days. It turns out you can add your Sam's Club membership to the ever-growing list of things that are raising in price. KCRG reports, that your Sam's Club membership will increase for the first time in 9 years.
Sam's Club, which is owned by Walmart, let its members know earlier this week that you can expect a price increase on either your basic club fee or your plus membership. You can expect these changes to take place on October 17th.
KCRG reports, that basic club memberships will be raised from $45 to $50 and plus memberships will increase from $100 to $110 dollars. When Sam's Club CEO, Kathy McLay, spoke about the price increase she did want to inform members that Sam's Club is aware of the pressure people might be feeling on their wallets right now.
According to CNBC, she said
Sam's Club is mindful of the financial pressure on wallets right now. Sam’s Club will reimburse the fee increase this year in the form of Sam’s Cash, which can be used in stores.
The strange thing about this price increase is the timing. Sam's Club's stock has done nothing but increased since the pandemic. Shoppers stocked up on all kinds of household items and purchased them in bulk when the pandemic was in its early months. Whether that was toilet paper, household cleaners, paper towels, or soup, it seems strange that now is the time for Sam's Club to increase its membership fee.
According to CNBC, Sam's Club's membership (this past quarter) is at an all-time high and membership has increased by 8.9%. They're even outperforming Walmart, whose sales increased 6.5% this past quarter, compared to Sam's Club's 9.5% increase.
Ciara Anfield is Sam's Club's Chief member and Marketing Officer and according to CNBC, she said the reason for the price increase is
Sam’s Club decided to make the move because of investments in recent years, from elevating the quality of merchandise on its shelves to adding new and convenient ways to shop.
My household has a basic Sam's Club membership and to be honest we don't shop there a lot. We mostly have used it so we can buy gas, which is almost always cheaper than gas at regular gas stations. However, these days that cost savings will make up the $5 increase in the annual price real quick.