Clothing prices next to jump, by up to 10 per cent: report
It’s tough to sit here and say the economy’s resurgence, which has been seen modestly but seen nonetheless, has its pitfalls.
But it does, relatively speaking, and it’s generally with respect to the wide world of consumerism.
Earlier this winter, it was grocery prices that were set to rise, and now – “as the world economy recovers and demand for goods rises,” one report notes – clothing prices appear next in line.
According to the Associated Press, a surge in raw materials and international labour costs may send North American clothing prices up 10 per cent starting this spring.
“All of our brands, every single brand, will take some price increases,” Eric Wiseman, chief exec of VF Corp., which makes Nautica, The North Face and Wrangler clothes, told AP.
The reason for the retail hike? Consumer demand has spiked since the recession eased, surely, but like the rise in food prices, an inflated cost of raw materials is to blame for sending clothing costs up.
Indeed, despite clothing prices having dropped for a decade thanks to cheap overseas labour, a jump in the price of cotton, for instance, may more than make up for that discrepancy.
According to something called the International Cotton Advisory Committee, cotton prices have reached a 150-year high, hitting $1.90 per pound at the end of last week. That figure isn’t perfect – it’s not adjusted for inflation, for one – but that cotton hasn’t been so expensive since the Civil War at least stands for something.
Add to that, the AP notes, the price of synthetic fabrics used to make clothes has also jumped about 50 per cent as demand for cotton alternative goes up.
Have you seen clothing prices, on anything from jeans to sweaters to socks, jump in Canada yet? If so, where?
By Jason Buckland, MSN Money
Posted by: Uwe Schiffke | Feb 17, 2022 2:23:03 PM
Bound to happen sooner or later. As the Chinese middle class burgeons, they too want to dress in Western brands . except The apparel factories in China will be producing for consumers in Asia, not North America . Prices are going to rise higher than 10 % too.
Time to start making apparel in this hemisphere again.
Posted by: Amanda | Feb 18, 2022 4:12:12 AM
Price increase every day. Wages are not. Worry!
BB Dakota Clothing
Posted by: Ashamed to be Canadian | Feb 20, 2022 3:53:47 PM
You know why the price of everything keeps going up? The people who profit directly from the sale of items wants to make more money simple as that.
As soon as the majority of people cannot afford a home and food there will be a revolution and all the rich idiots are gonna die.
Enjoy the good life while you can your very close to the end.
Posted by: Baily | Feb 20, 2022 6:17:12 PM
In high school I was taught about price and demand, but the world does it opposite. I would like to know why my tiny size 5 clothes which can be made out of a pant leg of plus sized clothes cost the same as plus sized clothing.
Posted by: ana | Feb 20, 2022 6:34:41 PM
When it gets to the point that people can't afford hydro, gas, groceries and now clothes, what are the big wigs going to do? Are they going to shut off everyones hydro, gas and then we all can go to the soup kitchens to feed our families. Why do they think people are all made of money when there is so many out of work, good paying jobs are all gone, not coming back! All that is left is part-time jobs at minimum wage to pay our higher than hell bills that pretty soon we can't pay. If we can't pay them we sure can't pay for new clothes or healthy food.
Posted by: don | Feb 22, 2022 10:20:05 AM
Big business doesnt care whether it is affordable or not as long as they make money. We arent needed as they have millions of forgein workers they can employ that will be come the new consumers. There is much more money to made off them than us.
Posted by: Colleen | Feb 22, 2022 6:02:46 PM
This is not good, with the price of a barrel rising worries of inflation will no longer be a worry but a fact. HOW is the Canadians real estate market going to continue to sell high priced homes if interest rates increase dramatically? WHO do we thank for the economic state of affairs, Harper that is who, from giving Suncor a monopoly while picking up a billion dollar pay-off, and heavily subsidizing a barrel of oil. All decisions are zealous prime minister from Alberta made on the behalf of the rest of Canada or so he says. The same Canada, a country of massive energy reserves who has Canadians now swallowing the high price of oil.