This is the gyms first time raising the price in nearly three decades
Another price hike is in store for consumers!
Planet Fitness is raising the price of its classic gym membership plan, which used to run consumers just $10 a month.
However, now, members will have to pay $15/month for the classic membership. This is the first time since 1998 thats 26 years! that the gym chain has raised the price of its classic membership.
Why are costs going up?
Planet Fitness announced the price increase at its first-quarter earnings call. According to CFO Thomas Fitzgerald, the decision to raise the classic membership plan price came after seeing numbers lower than expected in the first quarter.
The companys goal is to cut costs and increase revenue for the remainder of the year. After testingdifferent prices in different cities across the country, the company landed on $15/month for the new membership.
There are over 2,600 gyms around the world, and nearly 20 million people with Planet Fitness gym memberships at the end of the first quarter of this year. However, new gym-goers will have to spend a bit more each month starting this summer.
Existing Planet Fitness members won't see any changes to their classic membership plan price.New members who sign up this summer will start with the $15 a month price for the classic plan.
Not all plans are increasing
At this time, the cost of the Black Card membership isnt changing members can expect the price to stay at $24.99 a month. The Black Card membership offers members more perks, like bringing guests at any time, access to tanning and HydroMassage, and access to any Planet Fitness location, among other benefits.
However, Planet Fitness said that it will begin testingdifferent prices for its Black Card membership around the same time that the new pricing for the classic membership goes into effect this summer. The company has routinely increased the price of the Black Card membership every few years.
Photo Credit: Consumer Affairs News Department Images
Posted: 2024-05-13 15:21:59
