Planet Fitness to Raise Monthly Membership Fees for the First Time Since 1998

Planet Fitness, the popular no-frills gym chain known for its low membership fees, is set to increase the cost of its basic monthly membership for the first time in over two decades. Starting this summer, new members signing up for the “Classic” membership will see the price rise from $10 to $15 per month.

According to reports from CNN and CNBC, existing “Classic” members will continue to pay $10 a month for the duration of their membership, but new members will now have to shell out the higher price. The decision to increase the fee comes after months of price testing in various markets across the US.

Despite the 50% price jump, Planet Fitness management is not too worried about a mass exodus of members. The change will only affect new members, and the company’s interim CEO, Craig Benson, is confident that the new price is not a shock given the long period during which the fee remained unchanged.

This move to increase prices comes at a time when new gym openings have slowed down due to construction costs and interest rates. Planet Fitness’s business model, focusing on high volume and low prices, may be challenged by these higher costs in the future.

While the $10 membership fee was seen as attractive and affordable for many gymgoers, the increase to $15 for new members reflects the changing landscape of the fitness industry. Planet Fitness may explore different pricing models for its “Black Card” membership in the future, which allows access to multiple locations and additional perks for $25 a month.

Overall, the price hike at Planet Fitness signals a shift in the company’s strategy as it navigates the challenges of a changing market while maintaining its reputation as a budget-friendly gym option for fitness enthusiasts.