World Footwear

World

US: footwear prices increased in October

Nov 24, 2023 United States
US: footwear prices increased in October
While overall consumer prices remained stable, as compared to the previous month, retail shoe prices in October rose by 1.1% year-over-year, the sharpest increase in eleven months
According to the Bureau of Labor Statistics’ Consumer Price Index (CPI), prices remained stable last month from September, but increased by 3.2%, compared to the same month of last year. The data also indicates that while energy costs and gas prices fell by 2.5% and 5%, respectively, in October from September, food prices rose by 0.3%. In addition, rent, owners’ equivalent rent, motor vehicle insurance, medical care, recreation and personal care were among the other categories to record increases.

Footwear is also part of the latter category. The latest figures from the Footwear Distributors and Retailers of America (FDRA) show that retail shoe prices increased by 1.1% in October, on a comparable basis to the same month of 2022, the sharpest increase in eleven months. More specifically, in October, women’s footwear prices were up by 1.8%, men’s footwear prices were up by 0.8% and children’s footwear by 1%.

FDRA believes, however, that this recent acceleration in footwear prices doesn’t represent the start of a trend of even sharper price rises.

“We noted earlier this year that a usually wide gap between rising import costs and these mostly flat retail footwear prices had arisen, and to close this gap we looked for either retail footwear prices to go sharply higher or —more likely — landed costs to decline. We still see little evidence to suggest retail footwear prices will go appreciably higher anytime soon. Instead, these import costs indeed are sinking”, commented Gary Raines, chief economist at FDRA to Footwear News.

“Already, the average import cost has declined year-over-year five of the last six months and fell 11% in the latest month, the steepest drop in more than thirteen years. We expect these import costs will continue to ebb over the balance of the year, narrowing this gap further as the market returns to equilibrium”, he concluded.


Source: Footwear News

Image Credits: www.businessoffashion.com

Related Events

  • Aug
    9
    Aug 9-Aug 11, 2025 | Atlanta, United States

    The Atlanta Shoe Market

  • Aug
    10
    Aug 10-Aug 12, 2025 | Illinois, United States

    Mix Apparel & Gift Mart

  • Aug
    12
    Aug 12-Aug 15, 2025 | Dallas, United States

    Dallas Apparel & Accessories Market

  • Aug
    13
    Aug 13-Aug 16, 2025 | Denver, United States

    Denver International Western/English Apparel & Equipment

Related Organizations

  • FIT - Fashion Institute of Technology

    FIT - Fashion Institute of Technology

    United States
  • USFMA - United States Footwear Manufacturers

    USFMA - United States Footwear Manufacturers

    United States
  • ALCA - American Leather Chemists Association

    ALCA - American Leather Chemists Association

    United States
  • The Atlanta Shoe Market

    The Atlanta Shoe Market

    United States