Shoppers facing frustration over rising inflation can find solace in the realm of shoes and fashion, as prices for these items are currently lower than they were 21 years ago, according to Statistics Canada data. In May, clothing and footwear prices stood at 97.9, 2.1% below the levels recorded in May 2002.
Meanwhile, the overall price index for all items reached 157, with the highest increases observed in gasoline and food. This unexpected trend has surprised experts, with some attributing it to the changing retail landscape, including the entry of Walmart into Canada and the bankruptcy of mid-market retailers like Mexx and Le Chateau.
The stagnation in fashion pricing, coupled with the rise of fast fashion brands like H&M and Uniqlo, has resulted in a surplus of clothing, driving down prices.
Additionally, the COVID-19 pandemic further reduced clothing demand, leading to a downward shift in prices overall. While luxury brands maintain their higher price points, even they have seen reductions compared to years past.
