Planet Fitness, known for its long-standing $10 membership plan, is now considering changes that could impact new and existing members. The fitness chain is exploring the possibility of raising its prices for the first time since 1998.
According to Fox – 26 Houston, Planet Fitness will be raising the price of its Classic Card membership from $10 monthly to $15 this summer. Additionally, the company will be conducting price testing for its Black Card membership, which is currently priced at $24.99 monthly. The Black Card membership offers perks such as bringing a guest and using any Planet Fitness location.
Interim CEO Craig Benson stated that the decision to raise prices comes after 25 years of the $10 monthly rate being in effect. He emphasized that the company believes it is the right time to make these changes and is also considering adjustments to the Black Card membership.
Current members who are paying $10 per month will not see a price change for the duration of their membership. However, new members will eventually be required to pay the increased $15 monthly membership fee.
The price change for the classic monthly membership is set to go into effect this summer, although a specific date has not been announced. Planet Fitness executives cited rising costs and the need to adapt to inflation as reasons for the price increase.
Despite the upcoming changes, Planet Fitness remains a popular choice for gym-goers, with over 2,500 locations across the U.S., Puerto Rico, Canada, Panama, Mexico, and Australia. The company reported first-quarter revenue in line with analyst expectations but adjusted its full-year revenue forecast to a 4%-6% increase.
As the fitness industry continues to evolve, Planet Fitness is taking steps to ensure its sustainability and growth in the competitive market. Stay tuned for more updates on these developments.