Planet Fitness Increases Prices for First Time in Over Two Decades

In a move that reflects the ongoing impact of inflation on American consumers, popular fitness chain Planet Fitness has announced its first membership price increase in nearly 30 years. The gym chain will be raising its classic monthly membership fee from $10 to $15, starting this summer, but only for new members.

During a recent earnings call, Planet Fitness CFO Thomas Fitzgerald explained that current Classic Card members will be grandfathered in at the $10 rate for the duration of their membership. The Classic Card membership provides access to one designated Planet Fitness location, while the Black Card membership, which offers access to clubs nationwide, will remain at $25 per month.

Fitzgerald revealed that the decision to raise prices was based on testing different price points at various locations over several months. Despite the price increase, Planet Fitness reported a strong first quarter in 2024, with an 11.6% year-over-year increase in revenue and a total membership of 19.6 million members.

The fitness chain’s new CEO, Colleen Keating, is set to take the helm on June 10. Despite the positive financial results, Planet Fitness’s stock was down over 7.4% year over year as of Friday morning.

As Americans continue to navigate the financial challenges posed by inflation, the price increase at Planet Fitness serves as a reminder that no sector is immune to rising costs.