That was considered a decent profit.
Nobody's happy with that anymore.
On Shark Tank 11% would find you the door.
Prices.... Going Up!!!
- Thread starter musichal
- Start date
Nobody's happy with that anymore.
On Shark Tank 11% would find you the door.
petes'picks
Super Member
Ordered 2 tires yesterday, 4 years ago the same exact tires were $110 each now they are $154. Helped my nephew buy a used car last week, 2 and 3 year old cars with 80k to 100k miles were being sold for new car MSRP prices, and couldnt find any entry level cars priced at MSRP. I think a major adjustment is coming, the car lots had no shoppers and the interest rate they quoted him even though he was putting down 50% of sale price was 12%.
Even China's consumer confidence is down.
I'm guessing that can't be good.
I read a survey stating that consumers would pay up to 50% more for something if it would only last longer (or work at all)
I wish that consumers would have been willing to do that many years ago when cheap offshore goods started flooding the market.
I think a lot about tools from that period.
Harbor Freight used to go from town to town and set up a tent in a parking lot. No brick and mortar stores.
Instead of buying a nice made in the USA set of Craftsman wrenches that maybe employed your neighbor, a person might go to the tent and buy a set twice as big for half the price.
What a deal!
Not.....
I am just using this as an example of my uneducated theory that the "bigger, better, cheaper, buy it today!(instead of saving up for it)" consumer mindset has contributed to this mess, as well as corporate greed.
I'm guessing that can't be good.
I read a survey stating that consumers would pay up to 50% more for something if it would only last longer (or work at all)
I wish that consumers would have been willing to do that many years ago when cheap offshore goods started flooding the market.
I think a lot about tools from that period.
Harbor Freight used to go from town to town and set up a tent in a parking lot. No brick and mortar stores.
Instead of buying a nice made in the USA set of Craftsman wrenches that maybe employed your neighbor, a person might go to the tent and buy a set twice as big for half the price.
What a deal!
Not.....
I am just using this as an example of my uneducated theory that the "bigger, better, cheaper, buy it today!(instead of saving up for it)" consumer mindset has contributed to this mess, as well as corporate greed.
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So $0.89 for a switch and half an hour to find the panel, flip the breaker, unscrew 4 screws ( 2 on the plate and 2 on the switch), and reverse. Oh, I forgot travel time.
This is why I DIY and literally did this very operation on my furnace a few years back. Talk about senior abuse....
Just another straw on the camel's back. And, it's small potatoes compared to what's been spent 'elsewhere' over the past few years.
Mystic
We're all born mad
The German Economy through April 2023
Germans consumers have been cutting back on purchases and buying cheaper products due to rising costs, Deloitte Global Consumer Pulse Survey has found.
A growing number of Germans have been forced to change their grocery shopping habits amid soaring prices, data from Deloitte’s Global Consumer Pulse Survey showed this week. According to the findings, many consumers are either buying cheaper food or dropping certain product groups from their shopping lists.
Around 37% of respondents said they now prefer to buy cheaper supermarket brands, while 35% said they are buying cheaper types of meat. A fifth of respondents said they are constantly buying less groceries than they want, while a fourth said they now buy only the essentials, cutting back on sweets and delicacies.
“The numerous crises and challenges of recent years have caused consumers to change their habits and routines in order to make do with the financial resources available to them. This affects a wide range of areas of everyday life – including nutrition. Our research shows: for many consumers, saving money on food purchases is the order of the day,” Deloitte states, adding that one in three consumers is “financially stressed” when shopping for groceries.
Researchers also noted that only 41% of respondents said they have an understanding of why the prices are at their current elevated level and complained of the lack of transparency when it comes to price formation. More than two-thirds of respondents (64%) said they feel that companies are raising prices more than their increased costs require, and are thus making additional profits.
Annual inflation in Germany was confirmed to be at a 14-month low of 6.1% in May 2023, down from 7.2% in the previous month, but remained well above the European Central Bank’s target of 2%. Food prices slowed their climb from the previous month, but remained in the double digits at 14.9%, led by dairy products (28.2%) and bread and cereals (19.3%).
Deloitte’s analysis is based on a representative survey of around 25,000 consumers from 25 countries, including around 1,000 from Germany. The survey was conducted on 20-26 April 2023. According to Deloitte, there was also a supplementary survey in June with an identical sample.
The full report, including survey methodology, can be viewed at:
www2.deloitte.com
Germans consumers have been cutting back on purchases and buying cheaper products due to rising costs, Deloitte Global Consumer Pulse Survey has found.
A growing number of Germans have been forced to change their grocery shopping habits amid soaring prices, data from Deloitte’s Global Consumer Pulse Survey showed this week. According to the findings, many consumers are either buying cheaper food or dropping certain product groups from their shopping lists.
Around 37% of respondents said they now prefer to buy cheaper supermarket brands, while 35% said they are buying cheaper types of meat. A fifth of respondents said they are constantly buying less groceries than they want, while a fourth said they now buy only the essentials, cutting back on sweets and delicacies.
“The numerous crises and challenges of recent years have caused consumers to change their habits and routines in order to make do with the financial resources available to them. This affects a wide range of areas of everyday life – including nutrition. Our research shows: for many consumers, saving money on food purchases is the order of the day,” Deloitte states, adding that one in three consumers is “financially stressed” when shopping for groceries.
Researchers also noted that only 41% of respondents said they have an understanding of why the prices are at their current elevated level and complained of the lack of transparency when it comes to price formation. More than two-thirds of respondents (64%) said they feel that companies are raising prices more than their increased costs require, and are thus making additional profits.
Annual inflation in Germany was confirmed to be at a 14-month low of 6.1% in May 2023, down from 7.2% in the previous month, but remained well above the European Central Bank’s target of 2%. Food prices slowed their climb from the previous month, but remained in the double digits at 14.9%, led by dairy products (28.2%) and bread and cereals (19.3%).
Deloitte’s analysis is based on a representative survey of around 25,000 consumers from 25 countries, including around 1,000 from Germany. The survey was conducted on 20-26 April 2023. According to Deloitte, there was also a supplementary survey in June with an identical sample.
The full report, including survey methodology, can be viewed at:
Consumer Insights 2023: Food | Deloitte Deutschland
Welchen Einfluss haben die aktuellen Krisen auf das Ernährungsverhalten deutscher Konsumenten? Unsere Untersuchung im Rahmen des Deloitte Global Consumer Pulse Survey zeigt: Bei vielen Verbrauchern ist beim Lebensmitteleinkauf Sparen angesagt.
SolderIron
Addicted Member
The beauty of inflation is making it easier to pay off old debts, if people get salary increase to keep up with living cost.
usedto
Lunatic Member
AMEN
I could pay my 2.875% mortgage off, but I'm earning 4.76% on the money. Now, I'm no math wizard, but..............................
SolderIron
Addicted Member
And the house is now worth $100k? more....
What are you gona do with the money besides laughing all the way to the bank
usedto
Lunatic Member
It's actually worth about $250 K more - in 4 years.And the house is now worth $100k? more....
What are you gona do with the money besides laughing all the way to the bank
SolderIron
Addicted Member
It's actually worth about $250 K more - in 4 years.
Bingo! This is exactly why I leave my money invested.
colortrakker
Thinking in color...
Pretty presumptuous "if" there. 4% raise for me last year in the face of 8% inflation, no raise this year. Like that at a lot of companies right now.
YY1
Addicted Member
My somewhat large employer finally figured out that all their line level IT staff (of which I've been in "semi-retirement for three years) has been severely underpaid for the last decade plus to the tune of all 120 plus of us getting what basically amounts to about a 35% pay increase.
I didn't need it, but I'll damn sure take it!
FWIW- I advocated STRONGLY for something similar when I was at the management level at "headquarters".
I remember the organization paying mid six figures several times for "salary studies" that always came back-
"Your IT staff needs a 20-30% raise across the board just to stay competitive for this year, and you need to hire 40% more staff immediately".
...and were never acted upon because the top management was trying to use those studies to justify cuts.
I didn't need it, but I'll damn sure take it!
FWIW- I advocated STRONGLY for something similar when I was at the management level at "headquarters".
I remember the organization paying mid six figures several times for "salary studies" that always came back-
"Your IT staff needs a 20-30% raise across the board just to stay competitive for this year, and you need to hire 40% more staff immediately".
...and were never acted upon because the top management was trying to use those studies to justify cuts.
we got our monthly numbers update last week at work. 74% profit. We were also told that OT is restricted because costs are too high.
grinx76
Well-Known Member
i work for a large, evil bank.
no one gets more than a 2.5% yearly raise.
during COVID, they decided to up the minimum wage for hourly workers quite a bit.
they then decided that the rest of us non-minimum wage hourly workers should get a bump also (ok, cool, it was a coupla grand extra).
the sweet part:
instead of getting ANY raise last year, they told our management to tell us 'well, you got that big bump last year, you really shouldn't be complaining about getting anything this year'.
i did complain. ended up getting a 1% raise while my groupmates got none which means i am still losing money since inflation is inflating.
good times, y'all
no one gets more than a 2.5% yearly raise.
during COVID, they decided to up the minimum wage for hourly workers quite a bit.
they then decided that the rest of us non-minimum wage hourly workers should get a bump also (ok, cool, it was a coupla grand extra).
the sweet part:
instead of getting ANY raise last year, they told our management to tell us 'well, you got that big bump last year, you really shouldn't be complaining about getting anything this year'.
i did complain. ended up getting a 1% raise while my groupmates got none which means i am still losing money since inflation is inflating.
good times, y'all
