Economist says women are the economic indicator to watch

[WhiteTara]

http://www.thecitywire.com/node/31299

Nationally known chief economist Rich Yamerone, of Bloomberg L.P. , said tracking ladies dress and make-up sales will offer insight into consumer spending and sentiment — responsible for 72% of the U.S. economy.

Yamerone was one of three economists featured at the 20th Annual University of Arkansas Forecast Luncheon held in Rogers on Thursday, (Jan. 16). About 1,000 attended this year’s event coming from Little Rock, Fort Smith and other areas across the Natural State.

TYSON’S TAKE
Tyson Foods CEO Donnie Smith moderated the event while also sharing his knowledge on the food business. As one of the region’s largest employers, Springdale-based Tyson Foods is also very aware of what U.S. consumers want and need. Smith said consumers are constantly redefining the concept of value.

“Consumers are walking a tightrope right now, they want what they want. They will trade down when they have to; but they expect the healthier food choices. They prefer fresh over frozen and they want to know it’s been produced responsibly,” Smith said.

‘DARK SIDE’
Yamerone took the stage and tried for some 30 minutes to convince the large crowd that the U.S. economy is treading on thin ice through two quarters and there are more caution signs ahead.

More at the link. It seems that what happens in Arkansas means more than it used to...Good luck to us all.

And WTF 72% of the US economy is driven by women's clothes and makeup? Yikes F*ing Yikes.

[RobertEarl]

1. Could be

I'd say Women do spend about 70% of the money spent in the US. Just in my family I see that Women do the spending at least that much.

[WhiteTara]

2. but ...

I think the article indicated that clothes and make up were the top 72% of expenditures today. Please tell me I'm wrong!

[RobertEarl]

3. You're wrong. Feel better?

How much of that 70% spending is on clothes and makeup is not known. In my experience maybe 10%. What the article was saying was that women's moods may be sampled in how much spending is on clothes and makeup.

The majority of spending is at the grocery, gas pumps and rents. Women do have a lot of control on those items. They often do the shopping and write the checks for their families.

[Nay]

4. You got the wrong idea -- he says that consumer sentiment and buying

were responsible for 70% of the economy. The clothes and makeup sales are TRACKED to see exactly how consumers feel; if they feel pretty good, those sales will go up. If not, they will stay flat or go down. He didn't mean that those specific items were 70% of the economy.

[Lucky Luciano]

5. He is suggesting that a good indicator for economic strength

Last edited Sat Mar 1, 2014, 11:46 PM - Edit history (1)

Would be based on a solid uptick in women's clothes and makeup sales.

So he is just saying that such an uptick would have a very high correlation with other consumer items also having a good uptick as well.

[Warpy]

6. I see it's the economist silly season again

Others of his ilk (and they're always male, haven't you noticed?) have also tried to predict economies by the changes in skirt hem length, something they find a bit difficult now that every length is being worn in both skirts and slacks.

What they never seem to realize is that they're focusing on an extremely narrow part of the economy and you can't do that if you want to predict a large and complex whole.

What that poorly constructed sentence said is that women make 72% of the economic decisions since we're the ones who shop for groceries and family clothing and often end up paying the bills.

You can't predict a large and complex system by examining such a narrow part of it, and women who spend heavily on fashion including makeup are a small part of it. Assuming that's all that women spend money on is also asinine.