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In the U.S., sneaker prices may soon increase

By Don-Alvin Adegeest

Apr 19, 2021

Business

Image courtesy Edited

Sneakers remain the breadwinning staple for many brands and have been a consistent high performing category for menswear. Sales of sneakers are now also the top stocked women’s footwear style for luxury brands too, according to recent data from Edited, which analysed the data behind the core shifts in the luxury space.

On retailers’ standalone sites, sneakers make up 29 percent of shoes stocked over the past three months, with a 35 percent increase since 2019 when it was the third top-stocked shape.

Gary Raines, chief economist at the Footwear Distributors and Retailers of America, told Footwear News “that footwear prices have remained low for some time, but in the last month, prices in the men’s category did increase ‘at a good clip’ and other markets could soon follow suit. ‘Year over year, women’s and children’s were still lower last month, but I think there’s writing on the wall that that is likely to reverse course later this year,’” he said.

The FDRA further predicts sales for footwear could see increases in the coming months, as vaccine rollouts continue and coronavirus restrictions ease, allowing consumers to return to the high street, classrooms and the office and a need for new shoes ensues.

A low dollar increases commodity price

The value of the dollar in part determines the prices consumer pay. With the U.S. dollar currently low, commodity costs such as supplies will be higher. Oil prices also affect fashion’s value chain, including fibers, transportation and consumption. The fashion sector is highly dependent on oil, and global logistics, as seen with the recent Suez Canal blockage, which impact pricing down the chain.

Article sources: Footwear News, Edited