Did your business increase prices in 2024?
Do you expect to increase prices in 2025?
Yes 71.9%
Yes 74.8%
NO 28.1%
NO 25.2%
Almost three quarters of respondents said they raised prices in 2024. Most were moderate increases, with over a third raising their prices by up to five per cent, while only a small portion bumped them by more than 20 per cent. A major reason was to offset the higher cost of materials, but also to attract and keep quality employees by offering them a living wage. A quarter of respondents held steady at last year’s rates for a number of reasons, such as fear of scaring off clients who were also feeling stretched by inflation. Others had already raised prices last year and wanted to wait to see how this impacted their business. A very small percentage actually lowered their prices.
Increased costs of overhead and expenses affecting the bottom line. Also, some of the hourly rates of our long- term clients were too low or below the industry standard — hourly prices did not reflect annual cost of living increases. Even with an exclusive clientele and a very reputable bond with suppliers there is no support from the government to allow growth.
We have seen the prices from our suppliers still increase every year, as well as shipping costs, and we unfortunately need to pass this on to our customers. Economy was not good. Didn’t want to turn people off with higher prices. I expect to raise wages for the 2025 season in order to keep my excellent staff.
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DECEMBER 2024 - JANUARY 2025 | 33
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