Food and gas prices keep rising. Even going to the gym costs more now.
Planet Fitness will be raising its classic gym membership monthly price of $10 to $15, the first price hike of its $10 membership Planet Fitness has done in almost 30 years.
This news was confirmed by Interim Chief Officer Craig Benson during the company’s Q1 earnings call on Thursday.
“The increase will be effective this summer, only for new members,” Benson said.
Benson said this decision to increase the price of the Classic Card membership was made after price tests were done to determine what was the best middle path between higher monthly consumer cost and mitigating loss of memberships.
How many gyms does Planet Fitness have in Rhode Island?
Rhode Island has 19 Planet Fitness locations, including one that is temporarily closed due to construction.
How will this impact current Classic Card members?
Chief Financial Officer Tom Fitzgerald said current Classic Card members will still pay $10 for the duration of their membership.
What are the different tiers of Planet Fitness memberships?
Planet Fitness has two different tiers of membership.
There is the Classic Card membership that costs $10 a month, that is, until the summer price change activates. The Classic Card membership has basic benefits like access to the gym, app workouts and partner rewards and discounts.
There is also the Black Card membership, which has additional benefits, like being able to bring a guest whenever, massage chairs, and tanning. The Black Card membership costs $24.99 a month.
“More than 60% of our members join as Black Card members,” Fitzgerald said.
Planet Fitness has plans to begin Black Card price tests around the same time the Classic Card price increase comes into effect.
Rin Velasco is a trending reporter. She can be reached at rvelasco@gannett.com.
