Clothing prices expected to go up 10%
Mon, 14 Feb 2011 15:11:59 GMT — Because the world economy is recovering, demand is going up, and the price of goods is rising, clothing prices are expected to rise about 10% in the coming months. The biggest increases are expected in the second half of the year.
Cotton has more than doubled in price over the past year, and the price of other synthetic fabrics has jumped roughly 50% as demand for alternatives has gone up.
Higher costs will also affect how clothes are made. Clothing makers are blending more synthetic fabrics like rayon and are designing clothes with fewer embellishments, like beads.
At Carousel Center right now, it's sale season. However, shoppers are still worried about prices.
"Everything's expensive," says shopper Cecilia DeJesus. "I do more window shopping than shopping shopping."
Tanya Cook was shopping for her three children, including her one-month old baby. She says she'll have to buy less if prices go up.
"They're raising the price of everything," she says. "It's hard enough just to buy everything else, let alone go (clothes) shopping, too."
Amanda Nicholson, an assistant professor at Syracuse University's Whitman School of Management, says many factors are causing cotton prices to go up, including a drought in China and floods in Pakistan. She says America has some of the lowest priced clothing in the world, but she still has advice for shoppers before prices go up.
"If you want something in 100% cotton, I suggest you buy it now, especially if you're price conscious," she says. "What is on the shelves is priced very reasonably. It will most likely go up."
If clothing prices increase 10%, will it affect your shopping habits? Post your comments below.