Sagging Economy Improving? Men’s Underwear Sales Support It
I’ll make this brief. The economy is improving. How do I know? Men are buying underwear again. MarketWatch reported that Hanesbrand, Inc. had an 8.2% increase in first quarter 2010 sales.
Remember former Fed Chairman Alan Greenspan’s underwear/economy comments? Years ago he said that men’s underwear sales is an important economic indicator. Bottom line, according to Greenspan, is underwear is the first thing men stop buying during an economic squeeze, because hardly anyone ever sees them.
Sure enough, when the economy started to go into a tailspin in 2008, annual men’s underwear sales sagged by 12%. That’s a lot of old, ratty drawers in guys’ drawers.
Now there’s new optimism about the economy. PriceGrabber.com, an online shopping site that’s part of Experian, found that:
- 52% of consumers believe the recession will end before January 2012.
- 56% of consumers have already bought a big-ticket item this year.
A change in the economy, a change of underwear. All is well again.
(I saw the story on The ConsumerWarningNetwork.com)