What to know about the Planet Fitness price increase, the first since 1998
Planet Fitness will be increasing the price of its classic membership from $10 to $15 for new members starting this summer. This markup will be the first company-wide price change to the classic membership level since 1998.
Planet Fitness is one of the largest and fastest-growing franchisors and operators of fitness centers in the United States with over 2,500 locations around the country and numerous locations around New Jersey. The popular purple gym is filled with cardio equipment and minimal free weights creating both a non-intimidating environment and an affordable gym, two things that the company is well known for.
The classic membership gives customers unlimited access to their home club as well as the workouts on the Planet Fitness app.
Company executives announced the price change during a conference call on Thursday to discuss the company's quarter one earnings in 2024. Since the fall of 2023, the company has been testing three different membership price points at gym locations around the country, as explained during the call by interim CEO Craig Benson and CFO Tom Fitzgerald.
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The company tested a $15 price point and a $12.99 price point in 100 stores each, all reverting back to $10 during the national sale periods. In December of 2023, the locations in the New York designated market area remained at $14.99 regardless of a national sale.
"For the past several months, we have had three different groups of stores testing three different prices for our classic card membership. Based on those test results, we have decided to increase the price from $10 to $15 to further enhance the average unit volumes for our stores," said Fitzgerald. "Our classic card membership has been priced at $10 since 1998, which based on inflation would be about $20 in today's dollars."
While an exact date is not currently known, the price change will go into effect over the summer. Only members who join after the change takes effect will pay the $15. All members signed up prior to the change will remain at their initial membership price.
Additionally, according to Benson, around the same time that the new classic card price goes into effect the company will be starting black card price testing.
The current black card membership is typically $24.99 per month and grants customers unlimited access to any Planet Fitness location worldwide, anytime guest passes, use of the tanning equipment, massage chairs, and more. Over 60% of Planet Fitness members join as black card members, according to Fitzgerald.
This article originally appeared on NorthJersey.com: Planet Fitness price increase: What to know about the change
