Planet Fitness announces first membership fee hike since 1998

UNDATED (WKRC) - Planet Fitness will raise its membership fee 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. Per the network, the new price hike will take effect this summer.

Per 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 benefit of the price change to expand our store level margins as the price increase will only be on new classic card memberships," Planet Fitness CFO Tom Fitzgerald said, per the network.

Planet Fitness executives acknowledged that many Americans were focused on saving money, but said the decision was made after price-testing costs in several markets.

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

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