Is it time for a new battery?
No, you do not need and should not get a new battery. 94% after a year is pretty good. Apple’s recommendation is a replacement if the battery gets below 80% of maximum capacity. The cost increase after the 31st isn’t so much that it’s worth replacing so early.

For context, my iPhone 6s, which I received the day it was released, is at 75% maximum capacity after pretty heavy usage for over 3 years, so you don’t have anything to worry about for a while. (I’m hopefully going to get the battery before the end of the year.)