“I feel like I’ve been on a goodbye campaign.” For much of the pandemic, small business customers were largely tolerant of price increases and kept on spending. But now owners are seeing customers cut back due to inflation.
On Tuesday, the government is expected to report that price increases slowed in August compared with a year ago, largely because of a steady drop in the cost of gas. Prices for other items, particularly food, are likely to keep rising quickly. Overall, economists forecast consumer prices rose 8.1% in August, compared with a year ago,For much of the pandemic, small business customers were largely tolerant of price increases and kept on spending. But now owners say they’re seeing some pushback.
“Among a lot of my older customers, who are on restricted income like Social Security, they say they have to cut back,” she said. “They say, ‘I know I need these tires, but I need to make a couple more rounds to save up.’”“Right now , it kind of sucks because costs increased faster than I could catch up with. In time, I hope people budget better and their incomes change to reflect the economy.
“Last year has been challenging to say the least,” she said. “All prices across the board have gone up.” Everything from cardboard, containers and the food that she includes in the baskets have become more expensive.She implemented a 5% increase to cover some costs. After she raised the price of her most popular get-well gift basket called “One Tough Cookie,” from $27.50 to $28.95, sales went down, she said.
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