As inflation in the U.S. reaches a 30-year high in October with consumer prices surging 6.2 percent, retail market intelligence platform Edited tapped its data on more than 4 billion stock keeping units to see the impact on several product categories.
In the luxury handbags segment, the company said when compared to 2019, “the average full price of in-stock handbags increased by double digits at Gucci (14 percent) and Prada (11 percent), with Louis Vuitton noting the biggest jump at 45 percent.”
Edited said in its report that sportswear and activewear brands continue to tap the opportunities of consumer interest in adopting healthier lifestyles in a post-lockdown environment. But like other segments, prices have been ticking up. Edited said Nike “updated the majority of its new-in shorts options from $30 to 40 to the $40-to-50 bucket.”
Meanwhile, Edited said Lululemon introduced “higher-ticket styles within its best-selling Align program, boosting its highest-priced leggings from $118 in 2020 to $128 in 2021.”
In denim, the authors of the report said “rising cotton prices have affected denim categories the most, making up over 90 percent of the raw materials used in production.” Edited said Kontoor Brands, which owns Wrangler and Lee jeans, has already seen stock prices fall 6 percent.”
In footwear, shoe prices have increased 6.5 percent in September versus last year, “the fastest rate in over two decades. All months except August showed a year-over-year increase, with September climbing 26 percent, peaking at $77 versus $66 in 2019.”
In the so-called cult footwear segment, Edited said since 2019, “several hyped labels have subtly found ways to increase pricing while keeping demand intact. For example, Birkenstock raised prices for its Arizona sandal from $39.95 to $44.95 this year, Dr. Martens boosted prices on its 1460 boot from $230 to $250 and Crocs raised its average selling price up by 8 percent.”