Planet Fitness recently announced an increase in their membership fee by $10. If you’re a member of the popular gym chain, here’s what you need to know about the change.
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Food and gas prices are on the rise these days. Even going to the gym is becoming more expensive now. Planet Fitness, a popular gym chain, is considering making changes to its membership fees. They are planning to increase the monthly price of their classic gym membership from $10 to $15. This will be the first time in nearly 30 years that Planet Fitness has raised the price of their $10 membership.
This news was announced by Interim Chief Officer Craig Benson during the company’s Q1 earnings call. The price hike will only affect new members and will be implemented this summer. Benson mentioned that this decision was made after conducting price tests to find a balance between increasing consumer costs and retaining memberships.
In Rhode Island, there are a total of 19 Planet Fitness locations, with one currently closed for construction. Chief Financial Officer Tom Fitzgerald assured that current Classic Card members will continue to pay $10 for the duration of their membership.
Planet Fitness offers two tiers of memberships – the Classic Card membership for $10 a month (until the price change) and the Black Card membership for $24.99 a month. The Black Card membership includes additional perks like bringing a guest, using massage chairs, and tanning services. Fitzgerald stated that over 60% of members opt for the Black Card membership.
In addition, Planet Fitness plans to conduct price tests for the Black Card membership around the same time as the price increase for the Classic Card. Stay tuned for more updates on this evolving situation.
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1. Why is Planet Fitness raising their membership fee by $10?
Planet Fitness is increasing their membership fee in order to cover rising operating costs and continue providing quality services to their members.
2. When will the new $10 membership fee go into effect?
The new $10 membership fee will go into effect on [specific date]. It is recommended to check with your local Planet Fitness location for the exact date.
3. Can current members lock in their current rate and avoid the $10 increase?
Current members may have the option to lock in their current rate if they sign up for a long-term membership plan or pay in advance for a certain period of time. It is advised to speak with a Planet Fitness representative for more information.
4. Will there be any additional benefits or services added to justify the $10 fee increase?
Planet Fitness is constantly looking for ways to improve their services and facilities for their members. While there may not be any immediate additional benefits, the fee increase will help maintain and enhance the overall Planet Fitness experience.
5. What should I do if I cannot afford the new $10 membership fee?
If the new $10 membership fee is not feasible for you, it is recommended to speak with a Planet Fitness representative to discuss potential options or discounts that may be available. They may be able to work with you to find a solution that fits your budget and fitness needs.
Win Up To 93% Of Your Trades With The World’s #1 Most Profitable Trading Indicators
Win Up To 93% Of Your Trades With The World’s #1 Most Profitable Trading Indicators
