Photo: Drew Angerer / Getty Images
The clothing brand Old Navy has committed to blocking the price of products for girls and boys
until next September, with a view to returning to school.
Old Navy explained that the measure will apply to selected products with those who will seek to help families to alleviate a little the expense that implies that the children return to the school.
The initiative was called “Price ON-Lock” through which the brand will set the current price of clothing that is labeled “Everyday Magic”, both in its physical stores and online.
“Old Navy understands the financial pressures its customers face and wants to make sure parents can equip their children for the new school year, without budget worries additional”, quoted the retailer in a statement .
Consumers have faced months of prices that do not stop climbing and that test their purchasing power, mainly from families with the lowest incomes.
Last March, the Bureau of Labor Statistics reported that inflation in March had reached 8.5%
, the highest climb since 1981.
The price of gasoline, housing and food were the factors that most propelled the rise in prices, according to the latest report of the indicator.
In the midst of this scenario, families are preparing for the summer and the eventual return to school in which expenses are expected to increase.
According to a survey conducted by KPMG, consumers spent $268 where lares on average for the return to school in 2022.
This figure was higher than the average expenditure of $247 dollars that families disbursed for the back to school from 2020.
According to this same survey, the greatest expense was focused on purchase of footwear, clothing and school supplies .
Clothes prices are expected to increase by around 3% for the return to school this year, according to data from the State Report of the Fashion 2022, prepared by McKinsey & Company.
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