Could gauging the progress of economic recovery be as simple as analyzing underwear sales? Kiplinger, a publisher of business forecasts and personal finance advice, says that's one way to look at it.
A recent report by the economic forecasting group suggests that there are other, somewhat untraditional, economic indicators besides what's happening on Wall Street, the well-being of the housing industry, and the national unemployment rate.
Let's start where most people finish, with dessert. Kiplinger says when the economy is sour, people tend to skip out on the sweets. But as things improve they tend to be more willing to spend a few extra dollars on dessert, as well as appetizers for that matter.
According to the National Restaurant Association, people are in fact opting for more than just the main course, something they were not doing when the economy seemed to be at its worse.
Charlie Campbell at Dead Dog Saloon on the Grand Strand says his economic indicator is whether or not golfers show up to his restaurant. If they do, he says that's a clear sign they have discretional income they're willing to spend.
"This season they've shown up earlier than usual," said Campbell. In fact, he's convinced 2011 was Dead Dog Saloon's biggest President's Day holiday weekend ever.
Boxers or briefs? OK, you don't have to answer that, but Kiplinger says when the economy is in a rut men will wait longer to replenish their underwear drawers. Kiplinger points to underwear sales, which fell nearly 2.5% in 2009 but are now beginning to stabilize again.
As budgets tighten, consumers quickly cut caffeine. Just ask coffee retail powerhouse Starbucks. Their profits fell 6% in 2009 but rapidly rebounded in 2010, jumping nearly 10%.
Pat Ford, manager at Stein Mart in Myrtle Beach, says it's all about furniture sales at her department store. When consumers are willing to spruce up their homes with a new recliner, an armoire, or kitchen appliances, the economy is on the rebound in her eyes. Ford adds that she has noticed an up tick in furniture sales in recent months.
Also when times are tough, people seem to be more willing to walk. Kiplinger suggests that cabs get snubbed much more often in a recession as people are more willing to walk, rather than hail a taxi. But, again, things seem to be on the rise as cab drivers say more people are chasing down cabs, looking for a ride.
Bad economies seems to be good for some marriages too. Well, sort of. The American Academy of Matrimonial Lawyers says divorce cases dropped 37% in 2008 and 57% in 2009. Is this a sign that couples are increasingly realizing that money isn't everything and love is what really matters? Unlikely.
The attorney group says the rates dropped during the recession due to the tightened grip on financing at the hands of banks. In turn, troubled couples found it difficult to arrange financing to "buy out their spouse's stake in a business or home, as required by property divisions."
So, if you can't buy love, perhaps you can at least buyout your love.
What signs do you look for to indicate that the economy is improving? Leave your thoughts below.
