Planet Fitness, known for its affordable $10-a-month membership plan, is finally increasing its price for new members after 26 years. Starting this summer, new members will have to pay $15 a month, a change that could be attributed to higher interest rates and construction costs.
The $10 membership plan has been a cornerstone of Planet Fitness’ marketing strategy for decades, appealing to individuals who may find traditional gyms intimidating or who cannot afford pricier alternatives. The company has been successful in attracting new gym-goers with this budget-friendly option.
Despite the price increase, Planet Fitness will still offer its “Black Card” membership plan at $25 a month, which includes additional perks and access to multiple locations. Executives are confident that consumers are accustomed to price hikes and that this change will not negatively impact the company’s business.
The decision to raise prices comes at a time when businesses across the country are increasing prices in response to the economic impact of the pandemic. While executives did not specifically mention the pandemic as a reason for the price hike, it is clear that external factors are playing a role in this decision.
Overall, Planet Fitness remains committed to providing affordable fitness options for individuals of all backgrounds. The company’s move to raise prices reflects the changing economic landscape but does not signal a shift away from its mission to make fitness accessible to everyone.
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