Recession sees tie sales jump
YOU know that recession has really scared the bejaysus out of everyone when sales of ties edge upwards.
Tie Rack, purveyors of all things spotty and stripey, reported a 10 per cent jump in tie sales in the last quarter compared with the period before. And a recent Gallup poll showed that the number of American men who wear ties to work dropped from 10 per cent in 2002 to just 6 per cent last year.
Scruffy people are the first to be sacked, which may explain why people in HR are always immaculately turned out. Open-necked shirts offer less protection to the axe.
Unemployment is forecast to hit the 7 per cent mark, with 11,000 new people signing on the dole last month. It's even beginning to affect people outside the property sector. Blue-chip stockbroker Davy is letting a chunk of staff go. Multinationals have been closing faster than scared clams.
Suiters of the masses, Moss Bros, reported that tie sales have risen at their fastest rate for five years. H&M -- which only sells skinny ties -- more than doubled its profits in Ireland last year, banking around €4.6m.
"People are dressing up again. Instead of wearing casual clothes to work for five days, they're doing it on one or two days," says uber-tailor Louis Copeland. "When things get tight, people dress up."
- Nick Webb
