Planet Fitness will raise its $10 membership plan for the first time in 26 years

May 9, 2024, 9:00 PM

A customer wipes sweat from their face as they work out on a treadmill inside a Planet Fitness Inc....

A customer wipes sweat from their face as they work out on a treadmill inside a Planet Fitness Inc. gym in March 2021 in Inglewood, California. Planet Fitness is hiking that monthly fee for the first time in more than two decades.(Patrick T. Fallon/AFP/Getty Images/File via CNN Newsource)

(Patrick T. Fallon/AFP/Getty Images/File via CNN Newsource)

Planet Fitness will raise the price of its “classic” membership from $10 a month to $15 for new members beginning in the summer. The “classic” membership gives people access to one location. (Planet Fitness’ $25 monthly “Black Club” membership offers more location access and perks. Planet Fitness is not hiking this fee, although executives said they may begin testing higher prices for the plan.)

Executives did not specify why the chain is raising the basic plan by 50% for the first time since 1998, but the move comes as higher interest rates and construction costs have slowed down new gym openings. Planet Fitness has no-frills gyms, with a basic selection of machines, no steam rooms or towels in the locker room to hold down costs. Higher costs threaten its business model — known in the fitness industry as high volume, low price, or “HVLP” — more so than luxury gyms.

Businesses around the country have raised prices since the pandemic began in 2020, but Planet Fitness’ $10 fee was one of the few things that had not changed because it was synonymous with the brand.

“It’s a ‘get you off the couch’ price,” Planet Fitness’ former CEO told CNN in 2022.

Planet Fitness has long used the $10 basic membership to recruit people who are interested in exercising but have never joined a gym before, are intimidated by fitness fanatics at other gyms or can’t afford pricier clubs. (A gym membership in the United States typically costs around $50 a month, and boutique gyms and high-intensity classes run double and triple that.)

Planet Fitness blared out the $10 gym plan, which includes annual fees and free training, in commercials. The company has sponsored the New Year’s Eve celebration in Times Square for years to get people thinking about signing up for memberships as their resolution. Forty percent of new Planet Fitness members have never belonged to a gym prior to signing up, according to the company.

The $10 price was right in the sweet spot: cheap enough to draw people to the fitness center who want to get in shape and, equally as important, not so expensive that they will cancel if they don’t go often, say analysts.

It then tries to upsell these members by pushing them to its Black Card membership. The higher-priced monthly plan offers access to all of Planet Fitness’ gyms and perks like water massage beds, massage chairs and tanning equipment, and Black Card members can also bring a visitor.

On a conference call Thursday, one analyst, Sharon Zackfia from William Blair, said, “it does seem like an odd time to take a 50% price increase on the classic card,” given that consumers have been strained by inflation and are searching for deals.

But executives said consumers have grown accustomed to price hikes and the move will not hurt business.

“We’ve seen in every industry people move in price,” Planet Fitness interim CEO Craig Benson said. “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.”

READ MORE: Walmart hiring more workers without college degrees for high-paying corporate jobs

™ & © 2024 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Business + Economy

FILE - Visitors stand in a line to enter the ancient Colosseum, in Rome, Tuesday, June 27, 2023. Th...

Curt Gresseth

Is retiring abroad worth it? What about health care? Other costs?

The number of Americans retiring abroad has tripled in 30 years, according to a 2024 Monmouth poll. Is it right for you?

8 hours ago

(Draper City)...

Tammy Kikuchi

Draper won’t build a “homeless camp” as claimed on protest sign

Draper officials don't know why a sign is still on the corner of 11400 South and State, since the developer's plan is approved.

10 hours ago

The site of the old Motor-Vu Drive-In...

Tim Vandenack,

‘End of an era’: Motor-Vu Drive-In will soon be demolished to make way for housing

Trees are coming down around the shuttered Motor-Vu Drive-In in Riverdale, Weber County, to be replaced with a housing development, as the demolition process starts.

1 day ago

Almost half of working Americans say they feel good about their finances, for now. They're feeling ...

Alexandrea Bonilla

Working Americans are worried about their future finances

Almost half of working Americans say they feel good about their finances, for now. They're feeling unsure about the future.

5 days ago

A newly implemented city regulation in Washington DC is making the city and childcare even more exp...

Devin Oldroyd

New law raises Washington DC childcare cost and affects childcare staff

A newly implemented city regulation in Washington DC is making the city and childcare even more expensive and unsustainable for families.

6 days ago

Financial technology, or FinTech is a new minor offered at the University of Utah. This year, they ...

Josuee Sanchez

Graduates from U’s FinTech program join a popular, growing field

FinTech grads will fill roles in businesses that include digital banking, blockchain technology, and artificial intelligence.

6 days ago

Sponsored Articles

a doctor putting her hand on the chest of her patient...

Intermountain Health

Intermountain nurse-midwives launch new gynecology access clinic

An access clinic launched by Intermountain nurse-midwives provides women with comprehensive gynecology care.

Young couple hugging while a realtor in a suit hands them keys in a new home...

Utah Association of Realtors

Buying a home this spring? Avoid these 5 costly pitfalls

By avoiding these pitfalls when buying a home this spring, you can ensure your investment will be long-lasting and secure.

a person dressed up as a nordic viking in a dragon boat resembling the bear lake monster...

Bear Lake Convention and Visitors Bureau

The Legend of the Bear Lake Monster

The Bear Lake monster has captivated people in the region for centuries, with tales that range from the believable to the bizarre.


Live Nation Concerts

All the artists coming to Utah First Credit Union Amphitheatre (formerly USANA Amp) this summer

Summer concerts are more than just entertainment; they’re a celebration of life, love, and connection.

Mother and cute toddler child in a little fancy wooden cottage, reading a book, drinking tea and en...

Visit Bear Lake

How to find the best winter lodging in Bear Lake, Utah

Winter lodging in Bear Lake can be more limited than in the summer, but with some careful planning you can easily book your next winter trip.

Happy family in winter clothing at the ski resort, winter time, watching at mountains in front of t...

Visit Bear Lake

Ski more for less: Affordable ski resorts near Bear Lake, Utah

Plan your perfect ski getaway in Bear Lake this winter, with pristine slopes, affordable tickets, and breathtaking scenery.

Planet Fitness will raise its $10 membership plan for the first time in 26 years