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High inflation has caused Americans to steer further away from discretionary spending, according to a survey by Circana, a market research firm, found that more than 56% of consumers had delayed or stopped buying shoes in the last few months.
The constant increase in the prices of food, goods, services and rent is making Americans prioritize their needs to make ends meet. For that reason, a famous shoe manufacturer brand is acting contrary to the market.
Keen, who has been known for selling waterproof boots and sandals for children and adults, announced that it will reduce the prices of their products, which range from $30 dollars to $300 dollars. John Evons, Keen’s president, said Friday that “on average, we’re lowering prices by 5% across the board,” he told CNN.
According to the report, the Portland, Oregon-based company employs approximately 350 people in the United States, Evons explained that they sell millions of pairs of shoes a year not only in the country, but also from their other factories located in the Dominican Republic and Thailand.
Keen’s president further stressed that “we believe we are doing the right thing to help people in this inflationary environment. We want people to continue enjoying the outdoors and be able to go to work with safe shoes”, he indicated.
On the other hand, the Circana study added that many households with children in the US are reducing spending on the purchase of footwear more than those without. “Families are obviously feeling the pressure of inflation. Without the government assistance that many households with children had previously received, they are now prioritizing needs their children’s shoe replacement costs over their own,” said Beth Goldstein, a footwear and accessories analyst at Circana.
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