If you want to raise your prices, that's great. Go right ahead! I only question if you need to raise your prices quite so dramatically all at once. Over the span of several years I've raised my prices significantly, but I've never raised prices (on a $15-$20 item) more than $1 at a time. I always felt that no one would really notice a $.50 or $1 increase...or if they did, it wouldn't matter. Five dollars seems a hefty increase all at once and might be a bit offsetting to customers if they are returning or are familiar with your prices.
Most repeat customers, if they like your product, will certainly continue to buy. Out of my MANY repeat customers, I did have one recently express a bit of outrage when she compared my current prices to when she purchased 2 years ago. I just told her, sorry, but yes, I've increased my prices and still have more business than I can handle (during the Christmas season, anyway)! Needless to say, she didn't make another purchase. :)
