Quebecers will pay more to dress as of next year since inflation in the clothing sector could exceed 10% by 2023.
“I believe that within a year or two years, it will affect 10 to 12% [d’augmentation] “, Predicts Jacques Nantel, researcher and retail specialist at HEC Montreal, speaking of the rise in the price of clothing in Quebec.
He believes that this sector will not be spared from inflation, due among other things to the explosion in the costs of transporting goods and raw materials suffered by fashion companies.
The Metropolitan Fashion Cluster, which brings together several industry players in Montreal, says that increasing prices is a “serious” option for many players to consider.
“This increase could therefore be observed in retail and wholesale companies that manufacture overseas, but also in those that use local manufacturing, since a large majority of companies here source, do not if only in part, outside the country, ”explained Debbie Zakaib, Executive Director.
“In recent years, industry costs have not increased too much. But now, it will be more expensive, ”summarizes Pierre Elias, owner of the République Collection boutiques in Montreal. He anticipates having to make a “significant” increase in the prices of the clothes in his spring 2022 collection.
Global phenomenon
Rising Clothing Prices To Be Global Phenomenon, Annual Report Says The State of Fashion 2022, produced by the American firm McKinsey & Company, which forecasts an average increase of 3%.
For Jacques Nantel, the first “gun” to inflation in this sector was given on the occasion of the Black friday, where sales have been virtually non-existent in clothing stores, according to his observations. He anticipates that the price increases will be clearly visible in next spring’s collection.
“We already have price hike issues for the spring and it will be even worse in the fall,” confirms Lili Fortin, president of clothing retailer Tristan.
She compares the clothing situation to the need for masks and gowns at the start of the pandemic.
“It skyrocketed because there was more demand than supply. We’re going through the same thing and it’s a bit of a ticking time bomb. “
Variations
However, companies will not all opt for the same strategy in the face of this reality, believes Jessika Roussy, general manager of Mode-choc, which is redoubling its efforts to negotiate prices and replace products with others.
Some items may cost more in her stores next year, she says, but customers “shouldn’t feel it too much.”