A majority of companies nationwide stand ready to increase their prices amid the onset of new tariffs from the Trump administration. Nearly three-quarters of business leaders surveyed by Resume Templates said they plan to increase prices at some point by the end of the year, with about 25% of those respondents saying they are doing so immediately. Additionally, 38% said they plan to freeze hiring, while one-third say they plan to delay raises or bonuses to account for the extra costs.
Some good news? Customers expect change, said Craig Zawada, chief visionary officer at dynamic-pricing firm PROS Holdings Inc. “Today there is more of a window to make changes to your pricing than there has been before,” Zawada said, noting that customers largely are expecting price increases from the flurry of recent tariff activity. ”Businesses can use this as an opportunity not just to pass along costs, but to rebalance and make changes for things that they have wanted to adjust for a long time.” Companies still need to figure out where they sit in the market, though. If their prices are too low, those prices might need to be raised. If they are too high, they can be lowered — but lowering them too much could be disastrous too, Zawada said.
“If you’re in an advantaged position, avoid a price war,” Zawada said. “You’re going to destroy value in the industry if you race to the bottom.”