Why are men’s shoes so expensive?
The price of shoes is set to go up by 5 per cent for the second year running in March, according to a report published by The Wall Street Journal.
The price of men’s footwear is set for a 3.7 per cent jump from February’s report, with the most expensive shoes rising by 4.6 per cent.
In January, men’s fashion magazine Men’s Journal ranked the most-expensive shoes at $3,800, but the WSJ’s report suggests that men’s shoe prices have risen by nearly 40 per cent in the past year.
The WSJ report comes after the US government imposed a tax on the importation of imported American brands in 2016, forcing brands such as Adidas and Under Armour to cut their prices.
The government imposed the tax on products made in China, but Adidas and other American brands imported Chinese goods.
“We believe the government’s move has had the desired effect,” Paul Tofel, senior vice president at Foot Locker, said.
“The new taxes were a boon to companies who were able to lower their costs, while those companies were able pay lower import taxes, which allowed them to lower the prices of their footwear.”
Despite the tax, the WSZ said American brands were still able to increase their prices and the tax didn’t appear to have had a significant impact on sales.
“It’s difficult to quantify what effect the tax has had on sales, because we’re not tracking sales numbers at the moment,” Mr Tofil said.Read more: