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Consumers get ready for hikes in clothing prices!

04
Oct '10
Food inflation has reached its zenith in recent times and now with festival months approaching, it could be the turn of garment prices increasing, burdening the consumer more, who is already bent under the weight of high food prices.

The main reason is cotton and polyester prices, which have been increasing with each passing month. Both these raw materials account for more than 80 percent consumption in the textile sector and now, it has become imperative for apparel brands to hike the cost of clothing.

Cotton prices have flared-up exponentially, despite the fact that the government had imposed a regulatory export duty on the commodity. The domestic prices have mainly been driven by the rise in international prices, which have touched historic 15-year highs.

Prices of Shankar – 6 variety of cotton which is grown in Gujarat and the one of the varieties which generates high demand from overseas markets has shot up from Rs 22,800 per candy (1 candy = 356 kg) in the first week of October last year, to Rs 38,000 per candy, now.

Garment brands opine that, it will not be possible for them to absorb the rising costs of production as fabric manufacturers too have been hiking prices in tune with growing prices of raw cotton or polyester, as yarn prices too have risen in tandem.

According to experts, it may be possible to increase prices in the domestic markets as demand is robust as well as purchases by consumers will increase, considering the up-coming festival and wedding seasons around the country.

But the same may not apply in case of garment exporters, since, the demand has not yet picked up in major overseas markets of the exporters, and it will be difficult to pass on these increased costs to the buyers under the circumstances.

Fibre2fashion News Desk - India


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