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Fashion and CPI

Fashion and CPI. 10th meeting of the Ottawa group. Summary. Why clothing is a problem for CPI compilation What is quality in clothing Dynamic vision of quality What can we do for quality adjustment. Discrepancy in clothing CPI. Discrepancy in clothing CPI. Discrepancy in clothing CPI.

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Fashion and CPI

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  1. Fashion and CPI 10th meeting of the Ottawa group

  2. Summary • Why clothing is a problem for CPI compilation • What is quality in clothing • Dynamic vision of quality • What can we do for quality adjustment

  3. Discrepancy in clothing CPI

  4. Discrepancy in clothing CPI

  5. Discrepancy in clothing CPI

  6. Discrepancy in clothing CPI

  7. Discrepancy in clothing CPI

  8. When do the prices change ?distribution of price changes in CPI according to the situation of the product

  9. Some price trajectories (winter skirts)

  10. Evolution of average price and index

  11. What is quality ? • “the evaluation of the quality change is essentially an estimate of the additional amount that a consumer is willing to pay for the new characteristics possessed by the new quality” (CPI manual, chapter 1, 2004) • Dynamic hedonic approach : model for price with • Brand • Type of outlet • Technical features: type of fabric… • Appearance (fashion): cut, color, accessories…

  12. Time evolution of hedonic estimation of quality

  13. Time evolution of hedonic estimation of quality

  14. Time evolution of hedonic estimation of quality

  15. Different strategies, divergent indices

  16. Different strategies, divergent indices

  17. Different strategies, divergent indices

  18. Different strategies, divergent indices

  19. Different strategies, divergent indices

  20. Practical solution • Two kinds of characteristics : • Constant over time  quality adjustment • Changing over time (fashion)  no quality adjustment • Result : about + 0,6 % to year to year evolution.

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