According to the State of Fashion 2022 report, two-thirds of fashion executives polled said they expect to increase prices in 2022. The latest data from the Bureau of Labor Statistics, November marked a 39-years High inflation of 6,8% in only the U.S. The price of clothing is going up.
"Retailers are raising pay to address a labor shortage. The cost of everything from cotton to oil has spiked, transporting goods around the world has gotten significantly more expensive.
Companies need to pass quickly those extra expenses along to their customers to preserve their margins." by Brian Baskin and Alexandra Mondalek for Business of Fashion.
The pandemic disrupted the supply chain for all sorts of products, as the world opens up and rising demand arises. That combination creates inflation. However even when supply chains return to normal, some brands say there is no going back. After a decade of offering deep discounts and cutting prices to move unsold goods at the end of season, they see the pandemics disruption creating an opportunity to finally hold the line on pricing.
The question is as brand raise their prices and costumers imbibe the increase, will customers take a step back from associating sustainable fashion with expensive? Will we buy less? Or could this lead to a mindset shift there people accept paying more, people need to know there is other way before they take it. Let us take more responsibility throughout our action and take care of our planet.