Shoe Prices Rise in February, Driven by Increase in Men’s Category
While the increases in women’s and children’s footwear prices were mild, prices for men’s footwear climbed the most in fifteen months.
Shoe prices increased slightly in February — in tandem with overall consumer retail prices, according to the latest data from the Footwear Distributors and Retailers of America (FDRA).
Last month, retail footwear prices rose a bit faster than the previous month, up 0.8 percent from a year earlier. This comes as prices increased year-over-year across all key categories, with men’s footwear up 1.8 percent, children’s shoes up 0.5 percent, and women’s footwear up less than 0.1 percent.
“While the increases in women’s and children’s footwear prices were mild, prices for men’s footwear climbed the most in 15 months,” Gary Raines, chief economist at FDRA, told FN. “Men’s footwear prices have risen year-over-year four of the last five months but are still relatively modest, suggesting full-year prices for menswear also may see relatively modest changes.”
“In fact, over the long term, changes in year-to-date prices for men’s footwear through February explain a good bit of the variation in full-year prices,” Raines added. “Given these long-term trends, we estimate that currently there’s about a two-in-three chance that men’s footwear prices in 2024 will range from 0.4 percent lower to 1.9 percent higher, giving retailers some assurance of relatively stable prices ahead.”
This latest rise in footwear prices comes at the same time the Bureau of Labor Statistics reported that overall retail prices increased slightly in February from the previous month.
The bureau’s latest Consumer Price Index (CPI) saw prices increase 0.4 percent last month from January and up 3.2 percent from the same month last year. Excluding volatile food and energy costs, the core CPI rose 0.4 percent in February and 3.8 percent from the same month in 2023.
Steve Lamar, president and chief executive officer of the American Apparel & Footwear Association (AAFA), added that Tuesday’s numbers reflect the tariffs that continue to impact the industry. “You can’t be in favor of inflation relief while maintaining high tariffs on consumer goods like apparel, footwear and fashion accessories,” Lamar said. “It’s long past time for the administration to recognize the undeniable link that exists between high tariffs and high shoe prices – and to take action to provide relief for hard working American families.”