Russian Economy Is So Bad That Consumers Can’t Afford New Shoes Until Their Old Ones Are ‘Worn Out’
The footwear business is in decline for many in Russia as fewer consumers are opting to buy shoes.
Prices have surged over the past two years — increasing 15 to 20-percent for budget-friendly footwear, and 100-percent higher for luxury shoes, Newsweek reported, adding that 50-percent of Russian income goes to food. Manufacturers in the country are struggling with the costs of imports.
As a result, Russians are spending conservatively, and footwear purchases have decreased to 2.5 pairs per person, according to The Moscow Times. To compare, a report published by the American Apparel and Footwear Association found that Americans bought 7.8 shoes per capita in 2015……