Posted by Sara Zucker on November 12, 2009 05:45 PM
We all walk in them, so it should come as no surprise that even in a recession, people are continuing to splurge on shoes. Price and quality, however, are still kept in mind, and searching for a bargain is still a priority. As The New York Times reported:
Jamie Boucher, a lawyer in Washington, snapped up a pair of Christian Louboutin heels recently for 70 percent off at a local Saks store. “I think about value much more than perhaps I did before,” said Ms. Boucher. “But you’ve still got to have your shoes.”
According to SpendingPulse, an information service by MasterCard Advisors that estimates sales for all forms of payment, shoe sales have been strong for the past few months, and increased 7.9% in October compared with the period a year ago. In September, sales increased 7.8% year-over-year. August shoe sales showed an increase of 0.5%. Shoe sales peaked at $1.5 billion in October, the highest in any October since at least 2006. Major retailers including J.C. Penney, Dillard’s and Ross Stores reported that shoes were among their best-performing categories in sales reports last month.
Marshal Cohen, chief industry analyst at NPD Group, explains that the reason for the footwear fetish is due to “frugal fatigue,” and that consumers “are getting tired of having to be so frugal and not spend on anything.”
Or it could be from all the exercise getting to and from stores.