It’s a Monday morning. Usually it takes five alarms to make you move even an inch out of bed, but today you feel different — you feel good. You open the curtains to let the light in. Those annoying birds actually sound pretty nice. After drinking a fresh cup of coffee, you open your closet and put on your best suit. You’re feeling confident, so you pick out your brightest tie. After all, it is a pink tie kind of day.
Believe it or not, that pink tie alone can say a lot about the economy.
According to a report by Forbes, many investors pay attention to subtle variations in product sales and use them as tools to determine the state of the economy. Known simply as economic indicators, these tools may take cues from social behaviors and product sales — in this case, fashion trends — to predict future economic performance.
As reported by Forbes, how men generally decide to wear their ties can point toward ups and downs in regard to the job market as a whole. When things are looking up for the economy, many workers decide to express their happiness through their wardrobes — that means brighter colors, like pink and fuschia. Width counts as well: When there’s a gloomy forecast for jobs, thinner ties — paired with dark, somber colors — become more popular among the workforce. According to chief economist for Regions Bank, “Men’s ties are a leading indicator because they’re a very inexpensive way to change a wardrobe.”
For example, Business Insider states that one of the most notable instances of this phenomenon occured in 2007, when rumors of layoffs in the job market caused a spike in tie sales — specially for thinner ties. The reported reasoning was that, as their positions became less and less secure, many men wanted to show their bosses that they were serious, dedicated employees.
The existence of this indicator, along with many others just as bizarre, brings up an interesting discussion on the impact the general economy has on our daily lives. That something as minor as a wardrobe change can be used to predict the state of the job market proves how economically oriented the average citizen can be. In addition, there is also something to be said in widespread these changes can occur in such a short amount of time: International popular culture is becoming more interconnected than ever, and it can have unprecedented intersections with economic trends as well.
If anything, the prevalence of this trend should teach us to take a closer look at how changing social behavior can reflect a similarly changing economy. Whether they’re analyzed through the “Buttered Popcorn Index” or the “Hot Waitress Economic Index,” shifts in consumer culture can become fairly obvious if one only looks for them — All it takes is a trained, and sometimes fashionable, eye.
And for all our sakes, hopefully things will start to look pink.