Planet Fitness Raises Monthly Membership Fee for First Time in Over Two Decades
Planet Fitness, the largest gym chain in the United States, is making a significant change to its pricing structure for the first time in over two decades. The popular $10-a-month membership plan, known for its affordability and accessibility, will see a 50% increase to $15 for new members starting this summer.
The decision to raise the price of the “classic” membership was not explicitly stated by executives, but it comes at a time when rising interest rates and construction costs have slowed down new gym openings. Planet Fitness, known for its no-frills approach to fitness with basic amenities and equipment, relies on its high volume, low price (HVLP) business model to attract and retain members.
The $10 membership fee has been a staple of the Planet Fitness brand, appealing to individuals who are new to working out, intimidated by traditional gyms, or on a tight budget. The affordable price point has been a key selling point for the company, with commercials promoting the plan and attracting first-time gym-goers.
Despite concerns about the timing of the price increase, with consumers feeling the pinch of inflation and economic uncertainty, Planet Fitness executives are confident that the move will not deter members. They believe that consumers are accustomed to price hikes across various industries and that the new pricing structure will not have a negative impact on business.
As Planet Fitness prepares to implement the price change, industry analysts are watching closely to see how members will respond to the increase. With the company continuing to offer its higher-tier “Black Card” membership with additional perks and access to all locations, the shift in pricing strategy may influence member behaviors and preferences.
Overall, the price hike for the classic membership plan signals a new chapter for Planet Fitness as it navigates evolving market conditions and consumer expectations. Despite the increase, the gym chain remains committed to providing an affordable and inclusive fitness experience for individuals across the country.
