Effective January 1, 2024, prices are increasing between 0-6%, with a weighted average increase between 2.5-3.5% depending on product mix.
While we continue to operate in an inflationary environment, our 2024 price increase is significantly lower than our 2023 increase. Where increases are being made, the drivers are the same as last year:
1. Inflation-driven cost increases to materials and components used in our products.
2. Increasing labor rates.
3. Our commitment to only producing the highest quality products means we have not – and will not – substitute lower-cost, lower-quality materials and components that would allow us to keep prices lower but would deliver an unacceptable value proposition.
Our pricing philosophy remains the same as it has always been, which is to price our products based on the value that they deliver to customers, relative to alternative technologies and brands.
Read full announcement here.