Famed Economist Alan Greenspan is helping us make sense of the economic downturn and our place within it... using men's underwear.
When asked how people can determine the position of a recession, he suggested that the answer is in men’s underwear sales.
According to Greenspan, men’s underwear is the first place where people cut back during a recession. As a result, men’s underwear sales are one of the first items to increase in consumption during a period of economic recovery.
So, if a man has worn down gitch and is not replacing them, and has nobody else replacing them for him, the recession is still going strong.
Who knew?
Underwear Economics
Alan Greenspan Looks to Male Skivvies to Track Impact of Recession
Trend Themes
1. Recession Tracking - Using unconventional consumer goods as indicators for measuring a recession can be a promising research opportunity.
2. Consumer Decisions - Studying consumer spending habits and patterns can help develop a better understanding of their priorities and decision-making processes.
3. Men's Apparel Market - Exploring the potential impact of a recession on men's apparel market and its recovery potential can be a valuable area of research.
Industry Implications
1. Retail - Retailers can benefit from the analysis of consumer spending habits and implement strategic marketing campaigns to attract potential customers during economic downturns.
2. E-commerce - Developing targeted and personalized advertising campaigns based on consumer behaviour data can enhance e-commerce industries' competitiveness in the market.
3. Apparel Manufacturing - Investments and innovations in the men's apparel manufacturing industry can tap into the growth potential of men's underwear sales in economic recovery periods.