Industry experts are warning that the average cost of a paperback book is set to reach £12 in the next year as inflation and rising costs hit consumers.
These price hikes are seen as “overdue” by leading figures in publishing and retail, who claim that UK printers have been impacted by Brexit-related red tape, supply chain issues due to Covid, and increasing raw material costs, from ink and paper to machinery parts.
Average book prices broke through the £10 barrier in 2022 and will continue to rise as publishers pass on the costs to consumers.
The average recommended retail price of a paperback novel rose by 84 pence, from £9.54 in 2019 to £10.38 in 2022, while hardback novels rose by more than £2, from £18.22 to £20.25, figures show.
James Daunt, managing director at Waterstones, and Brian Murray, the president and chief executive of publishing house HarperCollins, confirmed that books would become more expensive in the coming months. Daunt argued that books are “dramatically more expensive” in the US and Europe than in the UK and that the UK is selling books for £7.99, which would cost $17.99 in the US. UK booksellers such as Kate Davies, owner of Adventure into Books, have already witnessed the impact of these price increases. Ms.
Davies believes that if paperback prices go above £10, sales will start to drop. It is predicted that the average price of a hardback book would increase by about £1 this year, while paperbacks would go up by around 60p, before climbing again next year.
If inflation continues at its current rate, the average price of a hardback novel could reach about £23 on average in 2024, and paperback novels could hit the £12 mark.
The rising prices of books are causing concerns among both publishers and consumers in the UK. Industry experts predict that the average cost of a paperback book will increase to £12 within the next year due to inflation and supply chain issues caused by Brexit and Covid-19.
Printing costs have gone up significantly, and publishers are facing additional red tape and large increases in the cost of raw materials. Many publishing and retail leaders are now calling for overdue price hikes to offset these costs.
Despite the warnings, Waterstones boss James Daunt and Brian Murray, president and CEO of HarperCollins, have backed the price increases. Daunt argues that books are still significantly cheaper in the UK compared to the US and Europe, where they can cost up to double the UK price.
Many books sold in the UK are printed and shipped from China, where rising costs and logistics alone have increased the price of printing a book by 30-40%. Brendan Perring, general manager at the Independent Print Industries Association, expects input costs to continue to rise for the next two years.
Kate Davies, owner of an independent bookshop in Perthshire, has already seen the effect of rising prices on book sales, particularly for hardbacks. She believes sales will drop off if paperback prices rise too far above the current average of £10.
While book prices have not kept up with inflation in the past decade, publishers are now facing significant cost pressures that require them to raise prices. Despite this, books are still much cheaper in the UK than in other parts of the world, and the industry hopes that consumers will continue to support them as they adjust to the new pricing reality.