60% Increase in Men's Shirt Prices; Sales Conducted via Employee Checks

The website "Eghtesad 24" reported on Wednesday, March 1, about a 60% increase in men's shirt prices ahead of the new Persian year, stating that sales of men's shirts are conducted via employee checks. According to the report, such conditions have led to a decrease in demand due to the reduced purchasing power of the people, resulting in a decline in domestic production. A men's shirt manufacturer told Eghtesad 24 that this year, given the high dollar prices and rising inflation rates, the production of men's shirts is not in a favorable condition compared to last year, and it can be stated that a 20% decrease in the production of this product has significantly impacted producers. According to this seller, bulk transactions and the buying and selling of goods via checks are not new, but selling men's shirts on credit to small customers raises questions. The report indicated that the minimum price for a men's shirt made from Iranian and Chinese raw materials in the market is 400,000 tomans. In recent years, installment and check purchases have accelerated. The newspaper "Donya-e Eghtesad" wrote on January 6 that with the decrease in people's purchasing power and the prevailing recession in the Iranian economy, people's interest in purchasing goods and services on credit has increased. This newspaper noted that evidence shows that in recent years, especially in 2023, various stores, companies, and institutions have expanded their installment sales. Donya-e Eghtesad also reported that people in society are acquiring small items such as fruits and vegetables to luxury goods like sofas, chandeliers, and home appliances through institutions and stores offering installment conditions. Analysts view inflation as the main factor behind the current conditions in society, and the continuation of inflation will exacerbate this situation. The latest report from the Statistical Center of Iran indicates that the annual inflation rate for households in the country reached 47.7% in January, which is an increase of 1.4 percentage points compared to the same period last month. The point inflation rate also reached 53.4% in January, which is a 2.1 percentage point increase compared to the previous month. The poor living conditions of the people; the newspaper Shargh states: we are not far from receiving "loans for buying bananas, flour, and milk." The hidden consequences of inflation; after meat and nuts on credit, "installment clothing" has reached the market before the New Year.