Yahoo Finance People Are Talking About The Arizona Iced Tea Owner For The Best Reason
Despite the fact that food and beverage prices are on the rise everywhere, the owner of Arizona Iced Tea says the company isn't planning to succumb to the same pressures of inflation.
Don Vultaggio sat down with Savannah Sellers on The Today Show to share the reason why he's so adamant about keeping his famously 99-cent iced tea drinks the same price.
"We’re successful. We’re debt free. We own everything. Why? Why have people who are having a hard time paying their rent have to pay more for our drink," Vultaggio said in the interview. "Maybe it’s my little way to give back."
When asked whether he can "definitely say" that he will never raise the price over $1, he wasn't 100% sure. "Not in the foreseeable future," he said. "We’re gonna fight as hard as we can for consumers."
Fans flooded the Instagram comments with praise for the Arizona Iced Tea owner, calling him a "man with integrity" and "the sweetest human ever."
"Proof that it is a choice!" one person wrote in the comment section, referring to brands choosing to raise prices.
"This guy and the owner of Costco should get together and run the world. It’s obvious you can still make money and not raise prices to the point where people can’t afford food," another user wrote.
"An already rich man who realized the next million after his first million isn't worth the price gouging… wish all owners were like this 😅 Because remember kids, its not inflation its corporate greed happening rn," a third person wrote.
Costco has voiced a similar stance. It's $1.50 hot dog and soda combo has remained at that price over the years despite inflation. And while previous chief financial officer Richard Galanti concerned patrons with his claims that the combo pricing was "probably safe for a while," his successor Gary Millerchip offered a more meaningful promise in a follow-up earnings call. "To clear up some recent media speculation, I also want to confirm the $1.50 hot dog price is safe," he said.
Despite these corporate assurances, inflation has made an unfortunate impact on the food and beverage industry. Just earlier this month, orange juice prices jumped, shoppers complained of Trader Joe's banana prices in April, and a new study revealed that McDonald's prices have doubled in the last decade. Thank god we still have 99 cent iced tea.
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