Prices for garments, hats, and shoes rose by 0.28 percent in December 2024 compared to November, reaching a Consumer Price Index (CPI) of 101.16, according to Vietnam’s Consumer Price Index. The slight month-on-month increase reflects steady demand in the category.
Year-on-year, December 2024 prices for garments, hats, and shoes increased by 1.16 percent compared to December 2023. For the entire year, the CPI for this category rose by 1.40 percent compared to 2023.
The CPI for garments, hats, and shoes in Vietnam reflects price changes in clothing, footwear, and related accessories. This sector is an important part of the overall CPI, as it impacts household spending on apparel and footwear, which are essential consumer goods.
In recent years, the CPI for garments, hats, and shoes in Vietnam has been influenced by various factors. The local garment and footwear industry, which is one of the largest in the world, has contributed to maintaining relatively stable prices, with domestic production meeting much of the demand. Vietnam’s competitive labour costs and large-scale production capacity have helped keep prices affordable, especially for mass-produced clothing and footwear.
However, fluctuations in raw material costs, such as fabric and leather, can cause price increases in this category. The global supply chain disruptions caused by events like the COVID-19 pandemic have also contributed to temporary price hikes, particularly in imported clothing and footwear products. Additionally, rising demand for more premium or branded apparel, footwear, and accessories has led to price increases in higher-end products.
The local market also benefits from international brands like Nike, Adidas, and Uniqlo, which produce garments, hats, and shoes locally or import goods for sale, influencing the pricing landscape. As consumer preferences shift towards sustainable and eco-friendly products, there may also be upward pressure on prices for these products due to the higher production costs associated with ethical sourcing and materials.
In summary, while the CPI for garments, hats, and shoes in Vietnam is generally stable due to strong local manufacturing capabilities, external factors such as material costs, imports, and shifting consumer trends can lead to fluctuations in pricing. The sector remains a key part of Vietnam’s consumer economy and a significant contributor to household expenditures.
See also: Garment Manufacturing in Vietnam