Planet Fitness is raising the price of its “classic” membership from $10 to $15 a month for new members, after nearly two decades. According to CNN, this move comes amidst increased development costs and interest rates that have delayed new gym openings, negatively affecting the company’s business model.
Over the years, Planet Fitness has relied on its $10 basic membership to attract first-time gym-goers, fitness newcomers, and people who cannot afford higher-priced fitness clubs. The “classic” membership, offering access to a single location, has been a core component of its strategy and a potent marketing tool.
Although the company did not indicate any increase in its $25 monthly “Black Club” membership plan this time, executives have reportedly said the price may increase in the future, according to CNN. The Black Card membership offers additional location access and benefits for customers, including water massage beds and tanning equipment.
Interim CEO Craig Benson believed the price hike would not negatively impact the business, telling CNN, “We’ve seen in every industry people move in price, so it is not going to come as a shock to anybody that we are moving a price that’s been in effect for a long, long time.”
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