Diet Coke Prices Are Sky High. How Long Until Fans Start To Revolt?

The jury’s still out regarding how healthy — or unhealthy — frequent consumption of diet soda is, but there’s no denying the fact that it remains a very popular beverage for a wide range of consumers who want those sweet, caffeinated bubbles without all the extra sugar.

And year after year, Diet Coke comes out on top among fans, which makes rising costs all the more frustrating.

It’s not just inflation

We’ve all gotten used to the sticker shock that comes with shopping for groceries in recent years, but Diet Coke drinkers might be quick to tell you that there’s something going on with the prices of these cans and bottles that can’t be explained by the overall inflation rate.

Graham Starfelt has been drinking up to six cans per day for years. Five years ago or so, that daily habit might have cost him two bucks at the most, but now he says a 12-pack sets him back about $10 on average.

So what’s going on? Analysts say the root cause is brand loyalty. Since so many Diet Coke drinkers have no interest in buying anything else, they’re more likely to just absorb any price increases they have to in order to keep buying that carbonated elixir they crave.

An industry-wide trend

Diet Coke appears to be even more insulated from the negative effects of rising costs than some of its competitors, but the soda market in general has been heading in the same direction.

The St. Louis Fed has been tracking costs in recent years and determined:

• In April 2018, a can of soda cost about 34 cents as part of a 12-pack.
• That price was 65% higher (or about 56 cents) last month.
• Diet Coke at restaurants shot up during those years from $2.05 to $2.77.

Chris Agee November 29th, 2023

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