Will Amazon Prime Get More Expensive in 2023?

In February of 2022, Amazon announced that it would be raising the cost of a Prime membership from $119 a year to $139. Not surprisingly, some consumers were less than thrilled with that news. After all, that $20 increase was not insignificant, especially at a time when many people were still trying to recover from the financial blow of the pandemic.

At this point, that $139 a year price point has been in place for more than a year. And if you're a Prime member, you may be wondering if the cost of your membership is about to increase again.

The good news is that while the cost of Amazon Prime might go up eventually, it's unlikely to increase in 2023. That doesn't mean you shouldn't consider canceling your Amazon Prime membership, though.

Is Amazon Prime worth it to you?

Prior to 2022, the last time Amazon raised the cost of a Prime membership was back in 2018. If the company follows a similar pattern in the coming years, we should expect to be able to get through 2023 without another price hike.

Also, back-to-back price increases from one year to the next won't look good for Amazon as a business. So for that reason alone, Prime members are pretty likely to avoid a price hike this year.

But while the cost of Amazon Prime may not increase anytime soon, it may still be time to reconsider your membership. Amazon Prime offers a lot of value for members who use it regularly. It's when you don't use your membership very often that the question of whether it's worth it arises.

The main benefit of Amazon Prime is getting to snag free two-day shipping on orders of any amount. Meanwhile, many consumers started shopping more online at the start of the pandemic, when it seemed safer than shopping in person. If you're no longer of that mindset, though, and you've taken to shopping in person multiple times a week, then it may be harder to justify the cost of Amazon Prime. After all, what's the point of paying for free two-day shipping when you're only ordering one item a month?

Also, one huge side benefit of Amazon Prime is the access you get to free streaming content. But if you're already paying for a bunch of other streaming services, then this may be a benefit you're not really utilizing.

Should you cancel Amazon Prime?

We probably won't see the cost of a Prime membership rise anytime soon. But that doesn't mean you should be throwing $139 a year away. That's money that could serve a lot of important purposes, like boosting your savings account balance. And if you have an outstanding credit card balance, canceling Prime could free up some cash to chip away at it.

Therefore, think about whether you're getting good use out of your Prime membership, and if not, pull the plug. You may be okay with the current $139 price point. But if it's not delivering value to you personally, then it's still a waste of your hard-earned money.