Keen footwear lowers its prices
The Oregon-based footwear company is lowering its prices to give some relief to consumers in this inflationary environment
“On average, we are bringing prices down by 5% across the board. We believe we are doing the right thing to help people in this inflationary environment. We want people to continue to enjoy the outdoors and be able to go to work with safe shoes”, said John Evons, president of Keen, in an interview with CNN. Usually, its portfolio of products ranges between 36 US dollars for children’s shoes and 250 US dollars for adults.
The company explained to Footwear News that this price decrease is possible because it owns 40% of its supply chain, including sourcing, factories and distribution centres. So, with the supply chain stabilizing in the US, Keen was able “pass along the savings” and reduce prices for its customers.
“Most brands are reacting to consumers pulling back by offering increased promotions and not bringing the original product price down. This is unique, and it will be interesting to see if other companies follow suit”, commented Beth Goldstein, footwear and accessories analyst at the market research Circana, to CNN.
According to a survey conducted in January by Circana, 56% of consumers delayed or skipped a footwear purchase or chose a less expensive option in the past six months due to price increases on either footwear or other goods. In addition, households with children were reducing footwear spending more than those without children. Although price increases have been slowing steadily, in general, and for footwear too, prices are still higher than usual in several categories.