It is obvious to anyone who shops that prices on many goods and services are rising. But the situation is even worse than it appears at first glance.
When you look a bit closer, you may discover that many items that are not technically rising in price are nonetheless growing costlier to purchase.
With some of these goods and services, you may pay the same price as before but now get less product. With others, you may owe extra fees or be enticed into buying more expensive versions of old favorites.
Following are sneaky ways businesses are raising prices in 2022.
Shrinking packages and portions
This super-sneaky sleight of hand, also known as “shrinkflation,” leaves you paying the same but taking home less. For example, order the Domino’s $7.99 carryout deal, and you now get eight pieces of wings and boneless chicken instead of 10.
Also, the 4.1-ounce tube of Crest 3D White Fluoride Anticavity Toothpaste has shrunk to just 3.8 ounces.
Introducing more expensive products
Mondelez International raised prices on its popular Oreos but found the hike still did not make up for the higher costs the company now faces, according to The Wall Street Journal.
So, the company recently rolled out a 110th Birthday chocolate confetti-cake cookies that cost 10 cents more than regular Double Stuf Oreos — and which come in a smaller package to boot.
Charging new fees and surcharges
Adding fees and surcharges to a product allows you to lull customers into the false notion that prices are the same, before whacking them with increased costs once they have decided to purchase the item.
The Wall Street Journal reports that a number of companies are now trying this approach, including:
- Chicago-based restaurant group Lettuce Entertain You Enterprises — a 3% “processing fee” for checks
- Harley-Davidson — a surcharge of $850 to $1,500 per motorcycle to cover rising materials costs
- Peloton Interactive — a $250 fee for delivery and setup of some indoor exercise bikes, and $350 for treadmills
Scaling back services
With the coronavirus pandemic seemingly dying down — at least for now — you may be thinking of your next vacation. If you stay in a hotel during your holiday, you may not get what you are used to paying for.
According to the WSJ:
“Many hotel chains are replacing complimentary hot breakfast buffets with a snack bag. Some fitness centers and pools remain closed, and housekeeping doesn’t refresh rooms daily. Some guests feel like they are getting less for their money.”
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