More bad news, this time from the men’s underwear department. One of former Fed chairman Alan Greenspan’s favorite metrics for predicting changes in consumer spending was the sales of men’s skivvies, the Huffington Post reports. It seems that sales are projected to decline 2.3% this year, revised down from a previous forecast of 2.6% growth.
On the plus side, the sales of briefs, as opposed to boxers, are projected to rise this year by 0.6%. But after 2 years of 3% or better growth, even that market is dipping, indicating a recession psychology that dictates spending only on necessary items. “They tend to be later going into the recession and earlier coming back,” said one exec. “Men certainly aren't wearing underwear less frequently than before."