From apps to travel and food, some of your favorite purchases could become splurges in the months ahead.
You may not “Netflix and chill” when you hear about these price hikes.
Earlier this month, Netflix announced it would be increasing its prices for both standard and premium membership holders. In the case of the former, a monthly subscription jumped to $10.99 for new members, a $1 increase; and in the case of the latter, a premium membership will now set you back $13.99 a month, up from $11.99.
Netflix says it’s raising prices because they are adding new shows, movies and features for its 109 million subscribers — a number that’s grown by 26 million just in the past year. And indeed, the company has committed to spending $16 billion on the production of original content.
Money transfer app Venmo also announced price hikes this month: They will will slap users with a $0.25 fee to rush funds from their Venmo balance straight to their bank account in roughly half an hour (compared to the traditional 24 hours, for which users still do not pay a fee). While Venmo didn’t say why it will charge for this service, it did tout this is a big new perk for users.
It’s not just Netflix and Venmo that are hiking up costs. Here are three other goods or services that millions of us love that are getting more expensive.
1. Tinder: The dating app recently introduced a new feature called Tinder Gold for $4.99 per month. The add-on enables users to learn who has liked their profiles before liking them back, and comes on top of another monthly feature, Tinder Premium, which runs from $9.99 to $19.99 a month. In rolling out the Tinder Gold offering, app developers said in a statement: “Think of [this] as your personal Swipe Right concierge — available 24/7 — bringing all of your pending matches to you.” Tinder was recently valued at $3 billion.
2. Chicken wings: The cost of chicken wings is flying high these days. According to multiple news reports, the cost of wholesale chicken wings has jumped 60% to a startling $2.90 per pound. Market research firm Urner Barry blames the price increase of chicken wings on demand, which is presently outpacing supply. With football season in full swing and a number of food service companies entering into the chicken wing market, wings being gobbled up faster than they can be produced.
3. Holiday airfare: With the holidays around the corner, October is the right month to book a ticket. “If you wait until early November to book your [Thanksgiving] flight, it will cost you about $1 per day you wait,” according to airfare research site Hopper. “Then prices begin spiking by $10 per day during the final two weeks leading up to Thanksgiving.” For the week of October 30th, average Thanksgiving airfare in the US will set you back about $385 per person; if you wait until the week of November 20th, that price will jump up to $476 for the same ticket, Hopper says.
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