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INEGI estimated inflation rates in various consumer segments, and fashion is one of the most impacted in the country.
Within Spain, the segment that suffered the most from inflation was footwear.
In the United Kingdom, inflation in fashion impacted an industry that has escalated before the consumer.
The rate of inflation in fashion it was measured in three strategic markets, where one element stands out in the market and it is the one that has to do with the performance of the brands before these figures.
Mexico
In the case of Mexico, the inflation figures can be calculated based on the annual inflation rate that was published in October 2022, which in its analysis included 8 categories, where clothing and footwear reached 5.96 percent.
Food, beverages and tobacco, 14 percent; other services, 11 percent; health and personal care, 8 percent; transportation, seven percent, and furniture and household products, six percent.
In this estimate, Teresa Romero, a Statista analyst who presented the research on behalf of Statista, acknowledges that “in October 2022, the inflation rate in Mexico compared to the same month of the previous year reached 8.41 percentage points, the second highest figure high since at least the beginning of 2018. The item of spending that experienced the largest year-on-year increase in prices was food, beverages and tobacco, whose CPI grew 14.05 percent. Health and personal care ranked third, with an inflation rate of 8.86 percent.
Spain
With an inflationary increase of only 1.8 percent, the closing of the Spanish fashion industry closed with a remarkable average, despite the fact that various peaks were recorded in the market for this index.
The sentence for the Spanish market concluded that the segment that suffered the most from the inflationary index was that of footwear, with a price volatility of up to 4.3 percent, followed by footwear for children and babies, with an increase of 3.5 percent, while that of women’s clothing only registered an increase of one percent.
United Kingdom
The United Kingdom is considered one of the cradles of contemporary fashion, thanks to great exponents such as Viviane Westwood and other artists who turned their vision of clothing into a prolific business.
Information from the study “Consumer price inflation” recognizes inflation in the industry was just over seven percent during November last year, so D. Clark, Statista analyst who presented the previous study acknowledges that “the inflation rate of clothing and footwear in the UK was 7.5 per cent in November 2022, a drop from the previous month. The UK inflation rate rose to 11.1 per cent in October 2022, with the country mired in a severe cost of living crisis.
The inflation rate in the footwear and clothing industry is an example of the extent to which brands in the segment have reached, with consumer challenges that define weighty activities in the market where an element is important to highlight and is the one that has to do with With the way today products and brands have managed to adapt to a consumer, as well as a commercial phenomenon where the economy has established increasingly challenging sales missions.
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