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Apparel costs to witness surge in spring next year

28
Jun '10
Although, an average woman spends about £1,000 per year on apparels, the trend is soon to change as retailers warn that the cost of apparels is likely to rise, by the next spring season, for the first time, in years.

A budget-clothing firm has declared that costs are likely to increase by as much as 5 percent owing to increase in cost of transport, weakening sterling and the supposed rise in VAT from 17.5 percent to 20 percent from January 2011.

Although, the idea of surging VAT charges has been rejected by major business firms, consumer groups and charities, George Osborne stands on his decision of increasing VAT, stating that, eons of debt and expenses have made this unavoidable.

While experts from the retail industry opine that rise in VAT charges is not a welcome sign, economists believe that, it is one of the easiest ways to earn extra income.

More so, as per the reports of the Office for National Statistics, since 1991, there has never been an increase in the prices of apparel, although, last year, garment prices slipped by 7.7 percent.

Cotton-based apparels such as t-shirts, dresses and shirts, will be the worst hit owing to hike in prices, as international prices of cotton have surged due to shortage.

Meanwhile, some apparel firm owners are hoping that, garment prices are likely to increase by 5 percent, whereas others are of the belief that, it will witness a rise of atleast 2.5 percent.

The bottom-line is, women are likely to find it difficult to pick up a good bargain for their favourite apparels, in the coming year.

Fibre2Fashion News Desk - India


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