Buckle up for more sticker shock…
Buckle up for more sticker shock…
Higher prices aren’t the only way businesses are passing their rising costs on to you. New fees are everywhere, from a 3% Covid-19 surcharge at a restaurant to a $5-per-night “sustainability fee” at a hotel. Peloton bikes have gone down in price, but a once-free delivery and setup now costs $250. Even where prices have stayed the same, products are shrinking. Coined “shrinkflation” by economists, it’s just one of many ways food companies are protecting profits without tipping off consumers. And while it’s simple for economists to track a carton of ice cream shaving off 8 oz., some changes are more opaque. Instead of raising rates, hotels are cutting amenities like daily housekeeping and hot breakfast. (Hope you like granola). With many of these service adjustments not clearly advertised, it pays more than ever to look beyond the price tag.