Price increases in the promo industry are being driven by soaring costs. These stats put the inflationary pressures in stark relief.
Everything costs more these days – including promotional products.
Many promo suppliers increased pricing on items they sell in 2021, and more increases, often in a range of 2% to 10%, are planned for 2022.
Why? Inflation. Suppliers say the price adjustments are necessary to keep their businesses viable as they shoulder the burden of soaring expenses for things like labor, raw materials, cargo containers, transportation of goods, production, utilities and more. There are other complicating factors too, such as the diminishing value of the U.S. dollar against China’s yuan.
How bad is the cost crunch from inflation? The data here paints the picture.