This was just discussed on Today on Radio4.
Theory is that when times are hard cobblers do well, as we mend rather than buy new.
A provincial cobbler was asked the price for gent's leather sole and heels. He said he was at the upper end of the market( half sole/full sole not mentioned) and quoted a price of £40. John Humphries was surprised. He said he thought it would be about £10 ! Talk about out of touch.
My local guy ( a full trained cordwainer only 36 years old) that worked for a fellow senior paisan for years on the Northern Beaches of Sydney then moved to his own shop in Manly can't keep up with the work. You cannot believe the shoes people ask him to repair. Business is booming to like 6 days a week