U.S. shoe prices hit 20-year high

According to the monthly report of the U.S. Bureau of Labor Statistics, overall consumer prices rose 5.4% in September this year compared with the same period last year, and footwear prices also showed an upward trend, rising 6.5%. Among them, women's shoe prices rose 4.9%. Children's shoe prices rose 11.9%, and men's shoe prices rose 5.5%.

Overall, footwear prices have risen steadily over the past three months compared to 2020. Footwear prices were up 5.1% in August and 4.6% in July compared to the same period in 2020. In June, women’s shoe prices rose 7% year-over-year, which was the largest price increase for women’s footwear in nearly 32 years, according to the Footwear Distributors and Retailers of America (FDRA).

The FDRA noted that according to the latest data, footwear prices in the United States have risen at the fastest rate in more than 20 years, with footwear prices up 3.2% so far this year. The organization's monthly shoe price report outlines several key reasons for the surge in footwear prices , including rising wages for workers and increased import fees and tariffs.

Widespread labor shortages this year have prompted some retailers to offer higher wages and benefits to attract and retain talent, which has led retailers to raise prices to compensate for wage expenses .

The increase in footwear prices can also be attributed to rising import bills for footwear , which rose to $146.3 million in August . This marked seven consecutive months of year-over-year increases. Tariffs rose for the sixth consecutive month in August to $320.6 million. “ Higher tariffs and a surge in demand are driving significant increases in footwear prices,” said Gary Raines, FDRA ’s chief economist. “ We expect this to continue into next year. ”

Rising costs are another concern for consumers as the holiday season approaches . A global shortage of rubber and plastics essential to sneaker production has left factories struggling to produce enough to meet demand, exacerbated by labor shortages and factory shutdowns in China, Malaysia and Vietnam.

These shortages have pushed up the prices of certain raw materials. In some cases, companies are unable to obtain certain materials to complete production. In addition to this , the cost of containers has also increased by 500% compared to before the epidemic . Overall, this has driven up the price of shoes .

USA

Footwear

Consumption