Due to inflation I will be raising my archery rates on January 1st 2024. I haven't changed my rates since Summer 2020, so by January 2024 that will be roughly 3.5 years without any changes to my rates.
Below are my current archery lesson rates:
Morning / Afternoon Rates (No Evenings)
1 Student, Weekdays or Weekends
$70 for 90 minutes; 3 Lessons - $200; 5 Lessons - $320; 10 Lessons - $620.
2 Students, Weekdays or Weekends
$100 for 90 minutes; 3 Lessons - $290; 5 Lessons - $470; 10 Lessons - $920.
Below are my new archery lesson rates starting January 1st 2024:
Morning / Afternoon Rates (No Evenings)
1 Student, Weekdays or Weekends
$80 for 90 minutes; 3 Lessons - $230; 5 Lessons - $370; 10 Lessons - $720.
2 Students, Weekdays or Weekends
$110 for 90 minutes; 3 Lessons - $320; 5 Lessons - $520; 10 Lessons - $1020.
This $10 increase per lesson represents an approximately 14% increase in my rates for single lessons for one person. The inflation rate in Canada was only 0.72% during 2020, but was 3.4% in 2021 and 6.8% in 2022. So far in 2023 the inflation rate has been 2.8%, and could reach 4% by January 2024.
Keeping in mind that such inflation is compounded annually.
Thus a $100 worth of goods in 2020 would now cost $100 x 1.0072 x 1.034 x 1.068 x 1.028 (or 1.04) =
$114.34 (or $115.68 by January 2024)
Thus the compound interest during the past 3 years has been 14.34% and will reach approximately 15.68% by January 2024 when my rates go up.
So raising my archery lessons rates by approximately 14% is in line with the compounded interest rate from the past 3 years.
Note - Prebooking for lessons in 2024 means that people can lock in a cheaper rate before my prices go up in January. So if you are planning to get lessons in 2024 it is best to book now before my prices increase.
Plus hitting your own arrow (and breaking it) on a moving target gets more expensive as the price of arrows has also been going up.
