Planet Fitness to increase membership fee for first time in nearly 30 years

Planet Fitness’ traditional health club membership will get dearer for the first time in 26 years.

The value of the classic membership will increase by $5 to $15 a month for new members, Planet Fitness executives stated Thursday as they mentioned the corporate’s first-quarter outcomes. The increase will go into impact in the summer season.

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The fitness center chain has charged a month-to-month $10 fee for the tier for nearly three a long time.

A Planet Fitness health club in New York, on Nov. 2, 2023. (Michael Nagle/Bloomberg by way of Getty Images / Getty Images)

“Only new members who joined after it goes into effect will pay $15 for a monthly membership fee,” CFO Thomas Fitzgerald stated. “Current Classic Card members will continue to pay $10 for the duration of their membership.” 

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It had trialed three totally different value choices prior to touchdown at $15 per thirty days, Fitzgerald stated.

He stated Planet Fitness is looking for to “further enhance the average unit volumes for our stores” with the membership value increase.

The firm’s dearer Black Card membership didn’t obtain an increase in value. That at the moment has a $24.99 month-to-month fee.

Planet Fitness well being heart entrance displaying firm emblem above doorways. (Don and Melinda Crawford/UCG/Universal Images Group by way of Getty Images / Getty Images)

However, it does have plans to do Black Card value exams starting across the similar time the traditional’s hike turns into efficient.

Planet Fitness does “take the Black Card price up every couple of years,” Fitzgerald famous. It most just lately did so in 2022.

The Black Card membership accounts for greater than 60% of its new clients, in accordance to Planet Fitness executives. 

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Overall, roughly 19.6 million individuals owned a Planet Fitness health club membership as of the top of the first quarter. 

A Planet Fitness health club on May 9, 2024, in Richmond, California. (Justin Sullivan/Getty Images / Getty Images)

The firm generated $248 million in quarterly income and $34.3 million in internet earnings. Headwinds like a “shift in consumer focus in the New Year to savings and concern over the increase in COVID infections and other illnesses” affected its efficiency, Benson stated.

There are nearly 2,600 Planet Fitness gyms worldwide.