Old Navy has announced a price freeze on its children's clothes to help ease the burden on parents trying to manage inflation. The promise of no price increase, dubbed the Price ON-Lock initiative, will apply to all of its girls' and boys' apparel under the label Everyday Magic. The pieces are also sold at the Old Navy online site, where many t-shirts, shorts, and activewear cost less than $10 per piece.
In a statement, the company's senior vice president and merchandising head, Andres Dorronsoro, said that they know customers face financial pressure, especially parents who will need to buy new school clothes for their kids this coming school year. Thus, the commitment of no price increase will be in place until the end of September 2022, when many moms and dads are done with their back-to-school shopping.
"We want to assure them that they can outfit their children for summer and back-to-school with our everyday kids' fashion essentials at a guaranteed price and value," Dorronsoro said, per Today.
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Clothes Cost $268 Per Child in 2021
In 2021, a survey from KPMG revealed that parents spent $268 per child on clothes, shoes, and other apparel for the back-to-school season. In 2020, the cost of children's clothes was at an average of $247 per child.
Old Navy said that prices would likely increase again this year by at least three percent based on predictions from economists. In March, heaps of goods like groceries or gasoline were 8.5 percent higher than a year ago, while retail goods had a 0.5 percent uptake. On the other hand, online shopping sales at popular retail stores tumbled to 6.5 percent for the same month. It was also 3.5 percent lower in February.
The Bank of America said that inflation is not expected to slow down anytime soon. But it is food inflation that will bear the most brunt towards the end of 2022 due to the rising cost of supplies, raw materials, and agricultural products.
Aside from inflation, some analysts assessed that consumer power is slowing down due to the geopolitical events impacting America. The retail stock market is also not performing well despite starting a new season when corporations are releasing their annual earnings report.
How to Save Money on Children's Clothes
Meanwhile, Thrifty Frugal Mom suggested buying two or three sets of children's bigger-sized clothes if it comes with a great price tag. To save on money, look at clearance racks and get at least two sizes bigger pieces if you still have growing children. These bigger-sized clothes will be the right size for the kids to wear in a few months.
Consider buying used clothing. Many online stores, consignment stores, and thrift stores offer gently used pre-loved items that cost a lot less than buying branded stuff. If you're lucky, you may even find children's clothes with the price tag intact at second-hand shops, which means they were never likely worn and were just kept in the closet.
Don't be shy asking family members or close friends for hand-me-downs. They might be looking to unload some clothes that their children have outgrown.
Resist the urge to buy clothes because they are on-trend and stick with the classics, as these will have more staying power. Don't forget to make a list before shopping to avoid unnecessary purchases that will pad up when you're paying for the items at the counter.
