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USA: Men''s apparel prices fall 0.4% in September 2004 |
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2004-10-21
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Retail prices for men’s apparel in September 2004 fell a seasonally adjusted 0.4 percent from August levels, continuing a patter of long-term deflation.
According to the Labor Department’s Consumer Price Index report released on Tuesday, men’s apparel prices were down 0.6 percent from their year-ago level.
Economists attributed the decline in retail apparel prices to weakening consumer demand, which has forced retailers to implement cost-cutting measures and reduce employment in the past couple months.
Steve Spiwak, Senior Economist at Retail Forward said, “Weaker demand caused apparel retailers to cut prices to move that merchandise and lay off people in recent months.”
Spiwak noted recent sales growth has been more modest than earlier in the year, when it hit double-digit growth in the first quarter. Sales growth is ‘half that pace now,’ he said.
“The lower income household segment has cut back on apparel right now,” Spiwak added.
Despite the softness in retail prices, Spiwak’s firm is still predicting the apparel sector will ‘post reasonably healthy gains during the holidays.’ However, price deflation in apparel ‘has set back in on a year over year basis,’ Spiwak noted and stressed prices will continue to fall next year when 148 nations eliminate quotas on apparel and textile commerce.
Overall, total apparel prices remained flat in September 2004 but fell 0.7 percent against September 2003. Boys’ apparel prices fell 0.4 percent last month and were down 2.3 percent against, a year ago.
For all retail goods, prices in September 2004 rose 0.2 percent for the month. In August, retail prices increased a seasonally adjusted 0.1 percent. Specifically, retail prices for suits, sport coats and outerwear fell 1.3 percent in September and were down 1.6 percent year over year, while prices for furnishings fell 0.3 percent last month but were up 0.2 percent year over year.
Prices for shirts and sweaters declined 1.4 percent last month but increased 1.6 percent over a year ago while prices for pants and shorts rose 1.4 percent in September and dropped 3 percent against, a year ago.
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