The CEO and upper management will, in the form of slightly lower profit margins.
Typically, yes, prices do and in this case, WILL go up. They will. But not at the same rate as minimum wage increases. Competition will force prices down. So, the consumer will take a SLIGHT hit, but will, in turn, enjoy a more robust economy, and all that that implies. The producer/owner will also take a slight hit, but will enjoy a more robust economy, and all that that implies.
As minimum wage increases, and costs increase slightly, spending WILL go up. Not just due to increased prices, but due to increased consumption.
Where OUR issue lies is where do those dollars from increased consumption end up. If I'm a MW earner, and I get a decent raise, and I'm looking to treat myself with something, maybe I decide to buy a new computer, or a newer TV.
Where do those dollars go? Do they stay in the country, in OUR economy, or do they go to enrich ANOTHER country, ANOTHER economy?