Recession in the footwear industry
The Chamber of the Footwear Industry (CIC) from Buenos Aires reported a 21% increase in footwear imports during the first seven months of the year. This rise in finished product imports has been accompanied by a 50% drop in the purchase of supplies from abroad.
Horacio Moschetto, the chamber's secretary, stated that the decline in consumption is negatively impacting the industry, which is labor-intensive. Business owners are resorting to halting investments and laying off workers, triggering a downward spiral of reduced consumption as more people lose their jobs.
Within the sector, there has been a postponement in footwear purchases among adults, with a shift toward the need for school shoes for children, Moschetto told the press.
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