Expect Clothing Prices to Rise
Unfortunately when it comes to money things are not going to be easier. We worry about rising gas prices, now we have to worry about rising clothes prices as well.
Cotton has more than doubled in price over the past year, hitting all-time highs. The price of other synthetic fabrics has jumped roughly 50 percent as demand for alternatives and blends has risen.
Clothing prices are expected to rise about 10 percent in coming months, with the biggest increases coming in the second half of the year, said Burt Flickinger III president of Strategic Resource Group.
Brooks Brothers' wrinkle-free men's dress shirts now cost $88, up from $79.50. Levi Strauss & Co., Wrangler jeans maker VF Corp., J.C. Penney Co., Nike and designer shoe seller Steve Madden also plan increases.
More specifics on price increases are expected when clothing retailers such as J.C. Penney and Abercrombie & Fitch report financial results this month.
Clothing makers are blending more synthetic fabrics like rayon and designing jeans with fewer beads and other embellishments. Shoppers also will have fewer color choices.
So with the rising costs on clothing how will that affect us locally?
"Its gonna be good for business in the end, but it's gonna hurt a little bit right at first until people get used to the increase in price." said Terry Martin, Owner West Texas Western Store.
Wade also said this is not looking like the last increase we are going to see but overall it's good for the panhandle's economy.
And Martin said he doesn't expect to see an increase in prices until the middle of the year, but that they could continue to go up as the year goes on.