If you thought Dollar Tree’s move to raise prices from $1 to $1.25 was steep, get ready for even bigger price hikes in the coming year.
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In a recent earnings call, Dollar Tree executive chairman and CEO Rick Dreiling alerted the media that prices will now rise to around $1.50 on average and cap at around $7 for higher-priced items (with $5 being the former cap). His claim is that the price increase will allow the chain to offer a wider assortment of products, but this may come as a shock to many people’s wallets.
With prices spiking, you may want to consider buying some of the following products now, before the increase hits.
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Nonperishable Goods
When evaluating products to buy before prices go up, focus on nonperishable goods that you regularly use, according to John F. Pace, CPA.
Items like cleaning supplies, personal hygiene products — toothpaste, soap — and basic office supplies offer long-term value because they don’t expire and will always be needed, he said. Dollar Tree has hinted that products in these categories will be on the increase list.
“By purchasing these items in bulk before price increases, you’re essentially making an investment at today’s prices for future use, leveraging a principle of financial foresight I’ve practiced throughout my career in estate administration and tax planning.”
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Seasonal Items Off-Season
Additionally, consider stocking up on seasonal items off-season, Pace said, especially ones you know you’ll use later in the year.
“After the holiday season, for example, decorations, wrapping paper, and related goods will not only be more affordable but also are likely to face price hikes as the next season approaches.”
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Planning for these kinds of purchases, he said, “can not only hedge against inflation but also optimize your personal or business budgets effectively.”
Everyday Essentials With a Twist
Sarib Rehman, CEO of Flipcost.com, recommended buying everyday essentials that “marry necessity with a potential for price volatility in the market.”
For instance, he suggested household basics powered by technology or niche markets, like LED light bulbs or eco-friendly cleaning products.
“These items not only represent long-term savings due to their durability and efficiency but are also subject to market trends that could see prices spike based on raw material availability or increased demand.”
Durable Goods
Other products that have traditionally had stable pricing but now face potential increases due to logistic or manufacturing costs rising are good to stock up on, as well.
“Kitchen utensils, storage containers, or even basic apparel items made from sustainable materials might see a price change. Drawing parallels from e-commerce, where sudden shifts in shipping costs can impact product pricing overnight, these items represent wise investments before Dollar Tree’s price adjustment takes effect.”
Personal Care Products
From toiletries to grooming products, the cost of personal care items may go up soon, according to Mahesh Patel, founder, ReportPrime.com. “Take advantage of the current prices and ensure you have an ample supply to last you through the coming months,” he said.
Party Supplies
Planning a celebration? Don’t wait until the last minute to purchase party decorations, tableware, and other supplies, Patel said.
“Buy now and save on future expenses.”
School and Office Supplies
Whether you’re a student, a professional or a parent preparing for the school year, now is the time to stock up on pens, notebooks and other stationery items before prices rise, Patel urged.
Canned and Dry Foods
Josh Neuman, an e-commerce marketing professional and the founder of Chummy Tees, recommended you review your home’s needs and identify staple items you can stockpile now before rates increase.
“Canned goods like vegetables and beans will retain freshness for seasons and offer flexibility. Likewise, dry ingredients like pasta and rice are nourishing and versatile — perfect for your pantry collection. Don’t forget our munchie loves too. While supplies last, gather your beloved chips, nuts, and snacks to munch through murkier markets.”
Pet Food and Treats
Your four-legged family members also require TLC during tough financial times, Newman said.
“Take this opportunity to hoard extra sacks of kibble and crunchy treats, and be sure to corral their favorite toys too so our pets stay entertained no matter the monetary mayhem. Knowing these items are funded will offer future peace of mind.”
While Dollar Tree says that some of its items will remain at the $1.25 price, it’s better not to wait. Jump on these products and take advantage of lower prices while they remain.
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This article originally appeared on GOBankingRates.com: Dollar Tree Is Raising Prices: 9 Products To Buy Now Before They Increase
