Cotton prices hit an all time high of $2 per pound. The sharp rise in cotton is mainly due to weather — heavy rains in China and floods in Pakistan. India, the second largest cotton producer after China, has put a ban on cotton exports.
According to The Guardian, retailers are planning on passing some of the increases on to consumers, “The question is how much? We’re comfortable that we can pass some of these increases on to the customer. We’re not comfortable with how much,” said Mike Jeffries executive at Abercrombie & Fitch.
Since shoppers at the high-end retailers care less about price, the hardest hit will be the stores marketing in the lower-middle price range, as these shoppers are usually on a budget.
Fortunately, there are plenty of secondhand clothing stores ready to carry the load. It would be no surprise if we see more action at thrift stores around the country, even more so around the world. If you happen to be one of those shoppers not on a budget, please do your best to pass along any unwanted clothes to those less fortunate in this tough economic environment.
Help your neighbors and those around the world. Textile recycling companies like USAgain provide conveniently located drop boxes to get rid of your used clothes and supply them to thrift stores and graders.
Stay tuned for more from USAgain!