Footwear prices rise at fastest rate in 20 years

United States
Published:  18 October, 2021
Credit: Nike

Shoe prices in the U.S. increased by 6.5% in September, compared with the previous year, according to the latest data from the Bureau of Labor Statistics.

Prices in the women’s category rose 4.9%, while costs for children’s shoes jumped 11.9% and men’s increased by 5.5%. Overall consumer prices rose 5.4% in the U.S. in September.

The Footwear Distributors and Retailers of America (FDRA) noted that consumers in the U.S. are seeing the fastest increase in shoe prices in more than 20 years, putting the growth down to higher retail wages and increased import charges and duties.

Footwear import charges rose to US$146.3 million in August, increasing year-on-year for the seventh month in a row, while duties rose for the sixth straight month to US$320.6 million.

According to Cowen analysts, another concern for shoppers is a lack of production, with global shortages of rubber and plastic as well as lockdowns in China, Malaysia and Vietnam resulting in companies sitting on millions of dollars of unfinished inventory.

Source: Footwear News