Add shoes to the list of things that will soon cost more.
The Wall Street Journal reports the combination of higher production costs in China (85% of shoes sold in the U.S. come from there), higher gas prices and the weak U.S. dollar are to blame.
One analyst estimates we will be paying 10% to 15% more for shoes in the coming year.
This hurts! Buying shoes are my escape. There’s nothing like a nice pair of leather pumps or strappy sandals or 3” heels to make you feel better. Buying shoes is one of my few stress relievers that doesn’t make me feel guilty afterwards, like eating and drinking.
By my count, we are now paying more for gas, food, airline tickets, prescription drugs and property & sales taxes. Not to mention most people can’t get mortgages because of the credit crunch created by the housing mess.
Hopefully the old adage of “what goes up must come down” applies here. If not, what’s next?
