Shoe Prices Surge at the Quickest Rate in Five Months
The cost of creps is surging, not just on the secondary market but retail prices too, and sneakerheads are feeling their wallets getting lighter. Current inflationary pressures are causing a cost of living crisis, with everything from housing to your favourite footwear models rising in price.
According to Footwear Distributors and Retailers of America (FDRA) the RRP for footwear across the board rose by 0.6 percent in September, which is the fastest rate in five months. Interestingly, women’s footwear rose by 2.1 per cent and kid’s jumped 1.1 per cent, whereas the prices for men’s shoes actually saw a decrease by 1 per cent. This makes it the eighth straight month of decline for this group.
‘We noted earlier this year that [there was] an unusually 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,’ Gary Raines, Chief Economist at FDRA, . ‘We still have little evidence to suggest retail footwear prices will go sharply higher anytime soon.’
Stay locked to Sneaker Freaker for more!