Goodbye Recession – Men are Buying Underwear Again!

June 16, 2010

By Angie Moreschi:

Good news.  Men’s underwear sales are up! Men’s briefs have long been considered a leading economic indicator.  So, breathe easy, the recession is certainly winding down.  MarketWatch reported a 7.9% increase in underwear sales for the first quarter of 2010.  Even more impressive, Hanesbrand, Inc. reported an 8.2% increase in first quarter sales and predicted robust sales for all of 2010.  So much for all those fears about a double-dip recession.

As CWN first reported back in the summer of ’09, the dean of the financial markets, Alan Greenspan, points to the sale of men’s briefs as one of the most accurate predictors of economic conditions. Sagging sales reflect a sagging economy.  And, in turn, renewed sales show a pull-up in consumer confidence.

True to form, the American Bankers Association’s Economic Advisory Committee reports the US economy is slowly healing and will avoid a relapse into recession. More than 500,000 private industry jobs were created in the first five months of this year, and the committee is forecasting a total of 2.2 million new jobs in 2010, with another 2.5 million new jobs next year.  The committee unanimously agreed that a double-dip recession was very unlikely.

Adding to the optimism, more than half the consumers in a national survey said they think the recession will end before January 2012.  Those responding to the survey by PriceGrabber.com, an online shopping site that is part of Experian, found that 52-percent of consumers believe the recession will end before January 2012 and 56-percent have already purchased a big-ticket item this year.

So, don’t be shy.  Head to the store and pick up some brand new undergarments. It’s time to spend again on those little things, that no one sees.  Well, hopefully not no one.