Venezuelan footwear sector ravaged by inflation - footwearbiz: Leading

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Venezuelan footwear sector ravaged by inflation

29/11/2018
Reports from Venezuela say the footwear industry there is working at only 20% of its full capacity. The president of national footwear industry association Cavenal, Luigi Pisella, has said companies are finding it impossible to restock inventories because of high levels of inflation in the South American country.

In recent comments to a national radio station, Mr Pisella said manufacturers faced a doubling or even tripling of the price of raw materials in a single month and were unable to buy in what they need.

As a result, he said the consumption of footwear in Venezuela has fallen from three pairs per person per year in 2012 to just 0.5 pairs now. He said this would correspond to a fall in the total number of pairs purchased by around 75 million pairs per year.

The most recent census put the population of Venezuela at around 31.5 million. With a similar level in 2012, footwear consumption nationally that year would have been 94.5 million pairs. And with the same level of population in 2018, current consumption rates would point to a total this year of under 20 million pairs.

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