With the shift in the economic landscape, certain items will see a significant price surge in the near future. From everyday essentials to luxury goods, we’ve identified 16 things on the verge of becoming considerably expensive.This list can help you get ready for these price increases.
Movie Tickets
The US film industry’s outlook is promising, with expectations of a more than 25% growth in the U.S. from 2019 to 2024. In 2021, the average price of a movie ticket in the United States was $9.57, up from $8.65 in 2016, reflecting an 11% increase over five years. Going by these numbers, it is evident that movies won’t be an inexpensive leisure activity in the future.
Concerts
The price of the concert tickets has doubled since the pandemic. They rose from $125 in 2019 to $252 in 2023. This is as per reports from the Wall Street Journal and SeatGeek.
Sporting Events
Morningstar reports the average cost of a sports ticket was $109 in August 2023. That is up from $89 a year earlier. NFL tickets are particularly steep, averaging $612 this year, compared to $468 in 2022 and $418 in 2019.
Toys
The cost of toys is on the rise. Most retailers raised toy prices in 2022 due to the supply chain pressure. Prices will increase even more if the demand and supply remain uneven.
Gym Memberships
In January 2019, the average gym membership was $112. During the pandemic, it dropped to about $100. However, prices have bounced back, with the average gym membership being almost $130 monthly. This is a nearly 15% increase since before COVID-19.
Car Prices
During the pandemic, rental car companies sold off their stock. If you’re considering using ride-sharing services like Lyft or Uber as an alternative, note that they are not budget-friendly either, primarily because of their dynamic pricing structure.
Restaurant Food
]The index for food away from home rose by 5.1% in 2024. According to the U.S. Department of Agriculture, eating out can be more expensive. Economists project that restaurant food prices, labeled as “food away from home,” will increase between 3.4% and 6.3% in 2024.
Clothing
Clothing and apparel costs have jumped high since August 2023. This increase is partly due to higher cotton prices related to trade policies. The labor costs have also skyrocketed due to the popularity of loungewear and athleisure.
Gas
The average gas price is now $3.49 per gallon, up by 44 cents from its low of $3.05 in late December. This increase is because of the winter weather. It affected refineries and China’s reopening post-pandemic. Increasing oil prices and problems with refineries affecting the gasoline supply are causing prices to rise.
Healthcare
As per a Gallup survey, Americans postponed medical treatment in 2022 due to the high expenses involved. Almost 40% of respondents said they skipped healthcare last year. They did so due to cost concerns for themselves or their family.
Over the past year, health insurance costs have risen by 7%. According to the CPI report, medical care services are now 4.1% more expensive. Specifically, dental services have experienced an even higher surge, with prices increasing by 6.4%.
Christmas Trees
The Christmas tree shortage began in 2020 when the pandemic increased demand for trees as people stayed home. To meet the demand, suppliers harvested and shipped trees early. This depleted the 2021 holiday season supply and caused prices to rise.
Unfortunately, the situation didn’t improve in 2022. The early harvest will have lasting impacts. Along with drought and wildfire, it will make Christmas trees scarcer and costlier in the future.
Food at Home
Grocery costs have increased by an average of 1.2% in 2024. Specific items like bacon have seen a significant spike, costing over $7 per pound, a substantial increase from a year ago. Steak and eggs have also surged by nearly 20% or more.
Beverages are no exception. Coca-Cola and PepsiCo raised prices due to supply chain and labor issues. Coffee prices have surged because of drought and frosts in Brazil, the world’s major coffee producer. Orange juice prices are also expected to rise due to Shortage of oranges.
Microchips
Microchips are in many things, such as computers, cameras, and TVs. They are even in doorbells, kitchen gadgets, and toothbrushes. But there aren’t enough microchips worldwide.
When COVID-19 started, factories making microchips had to close. This caused delays in making them. These factories still can’t make enough. Because of this, some big TVs are now 30% more expensive than before. With few factories making microchips and higher demand, their prices will likely remain high.
Books
Hardcover books have been seeing a consistent surge in price since 2018. From then till 2023, book prices have increased by 7.7%. With the shortage of paper, increase in price of paper pulp and high labor cost, book prices are expected to rise further in the near future.
Child Raising Costs
A new research from LendingTree suggests that raising a child is getting more expensive over the years. Their reports suggest that the expense of raising a child from birth to age 18 is $237,482. The figure rises if you include the cost of college in it. The cost tends to be slightly higher in urban areas and lower in rural regions.