U.S. footwear sales to reach $100 billion this year

According to the monthly report of the U.S. Bureau of Labor Statistics ( BLS ) , U.S. prices rose 6.2% in October from the same period last year, which is the highest year-on-year increase in prices in a single month in nearly 31 years .

The U.S. Bureau of Labor Statistics ( BLS ) said in a report that the price increase in October was driven by surging energy prices and continued supply chain backlogs. Economists said gasoline prices rose 49.6% from a year ago, and rising energy costs pushed up the prices of almost all other goods, squeezing already strained supply chains.

Compared to the same month last year, footwear prices in the U.S. rose 5.2% in October. Women's shoe prices rose 4.2%, while men's shoe prices rose 5%. Children's shoe prices rose 7.5%. This marks the sixth consecutive month of rising footwear prices . In June, women's shoe prices rose 7%, the largest year -over -year increase in women's shoe prices in nearly 32 years.

Some analysts believe that a series of events have contributed to the rapid rise in shoe prices in the United States, including a surge in consumer demand and limited product supply.

According to estimates by the Footwear Distributors and Retailers of America ( FDRA), consumer spending on footwear could exceed $100 billion for the first time this year, surpassing last year’s $77.6 billion. “While imports and supply are expected to rebound sharply in 2021, this rebound will not keep pace with the rebound in consumer demand , ” explained Gary Raines, FDRA’s chief economist.

In footwear, for example, a global shortage of rubber and plastics essential to producing athletic shoes has made it difficult for factories to produce enough to meet demand, a phenomenon exacerbated by worker shortages and factory shutdowns overseas, such as in Malaysia and Vietnam . Tariffs and import fees, including shipping and insurance, rose to $469.2 million in October, up 36.8% from a year earlier, also causing footwear prices to soar.

In addition, affected by the labor shortage , some retailers have begun to offer higher starting wages and benefits to attract and retain talent - which means that retailers must also raise prices to maintain profits . For example, Macy's recently announced that it would increase its minimum wage to $15 per hour . At the same time, Amazon increased its average starting salary to more than $18 per hour.

Footwear

USA

Rising prices