Has your company increased prices for any of its product offerings in 2023 ?
NO ( But we plan to later this year .)
NO ( And no plans on increasing prices .)
PRODUCT OFFERING PRICES INCREASED
YES 44 %
7 %
49 %
ACCORDING TO 41 PER- CENT OF RESPONDENTS , the average overall increase in the total cost to produce their company ’ s product offerings was an increase of between 11 and 20 percent . Nearly one-third ( 30 percent ) of respondents reported a less than 10 percent increase in production costs .
The June 2023 Snapshot Survey collected 344 survey responses from ISPA spa and resource partner members from June 16-26 , 2023 .
ADDITIONALLY , 44 PERCENT of resource partners said they had increased prices for products in 2023 . Nearly half ( 49 percent ) reported they had not increased prices and have no plans to do so . Seven percent said they had not , but that they plan to later in the year . Eighty-five percent have increased wholesale product prices and two-thirds ( 67 percent ) have increased MSRP prices .
Please identify which of the following areas that your company has implemented a price increase this year .
PRICE INCREASES IMPLEMENTED
WHOLESALE PRODUCT PRICES
83 %
MSRP PRICES
67 %
SHIPPING COSTS
22 %
OTHER
NONE OF THE ABOVE
11 % 0 %
AUGUST / SEPTEMBER 2023 n PULSE 55