Income/Clothes Spend ratio?

[globetrotter]

I think that I may have the lowest, at least for tax year 2005 - 0.11% (yes, that is right).

for year to date, 2006, maybe half that.

 

[Yudi]

Originally Posted by globetrotter

I think that I may have the lowest, at least for tax year 2005 - 0.11% (yes, that is right).

for year to date, 2006, maybe half that.

Either you earn some serious money or you are seriously thrifty with your purchases.

 

[gdl203]

Originally Posted by globetrotter

I think that I may have the lowest, at least for tax year 2005 - 0.11% (yes, that is right).

for year to date, 2006, maybe half that.

If I applied this ratio to my income, I may be able to get a shirt, a tie and some underwear...

 

[Freerider]

I read survey from EU a couple of years ago on clothes spending. I remember that Italian men take the lead with 40 percent of their income on clothes. The barbarians are Danish men, who spend 5 percent of their income on clothes.

 

[globetrotter]

Originally Posted by Yudi

Either you earn some serious money or you are seriously thrifty with your purchases.

actually, i did make a mistake with my decimal point. make that 1.1%

2004- 20 pair underwear, 20 pair socks, 3 hoodies, 3 tee shirts, maybe 3 or 4 sweat pants, 3 or 4 pair shorts, one pair sneakers
2005 - 2 pair shoes (bespoke vass ankle boots)
2006 - 6 ties, 3 or 4 pairs of shoe laces.

 

[Yudi]

Originally Posted by globetrotter

actually, i did make a mistake with my decimal point. make that 1.1%

2004- 20 pair underwear, 20 pair socks, 3 hoodies, 3 tee shirts, maybe 3 or 4 sweat pants, 3 or 4 pair shorts, one pair sneakers
2005 - 2 pair shoes (bespoke vass ankle boots)
2006 - 6 ties, 3 or 4 pairs of shoe laces.

You went half a year buying only 6 ties and some shoelaces? Wow, I seriously admire your restraint. Your basic wardrobe must be top notch if all you need are little top ups like that.

 

[globetrotter]

Originally Posted by Yudi

You went half a year buying only 6 ties and some shoelaces? Wow, I seriously admire your restraint. Your basic wardrobe must be top notch if all you need are little top ups like that.


well, that and being unemployed. when I got a job the first thing I did was call Chuck and buy a couple of ties.

 

[Britalian]

I read survey from EU a couple of years ago on clothes spending. I remember that Italian men take the lead with 40 percent of their income on clothes. The barbarians are Danish men, who spend 5 percent of their income on clothes.[/Q

I can hold with this 'fact': I live in Italy and ain't Italian yet aspire to look as good as the locals. I can see where the euros go

 

[Spencer Young]

I have a question about the European styling. In my visits, I've noticed that Europeans tend to dress both better and more expensively. If European countries have a lower GDP per capita, their citizens spend *more* on clothing, and presumably they have a higher savings rate than the US, what is being crowded out? I tried asking my friend who's been studying in Paris this question, but she said something like "well healthcare is free or cheap" (completely disregarding the whole taxation issue). It sounds like Europeans must be giving something up in order to afford their clothing, but what is it? Cars?

 

[skalogre]

Originally Posted by Spencer Young

I have a question about the European styling. In my visits, I've noticed that Europeans tend to dress both better and more expensively. If European countries have a lower GDP per capita, their citizens spend *more* on clothing, and presumably they have a higher savings rate than the US, what is being crowded out? I tried asking my friend who's been studying in Paris this question, but she said something like "well healthcare is free or cheap" (completely disregarding the whole taxation issue). It sounds like Europeans must be giving something up in order to afford their clothing, but what is it? Cars?

No, cars are not cheap. Neither are insurance, registration, et.c. Healthcare costs are a significant reduction though, as are things like paid daycare et.c. Depends on the country and area, however.

 

[HitMan009]

Are you asking pre-tax or after tax income?

 

[Get Smart]

I do a lot of freelance work in addition to a full time job. I'd say half+ of that freelance scratch goes to gear.

 

[Spencer Young]

Originally Posted by HitMan009

Are you asking pre-tax or after tax income?

GDP/capita is pre-tax, so I'm trying to wrap my mind around how Europeans can earn less money (pretax), have a higher tax rate, save more money (post-tax), AND purchase more expensive clothing without crowding some other 'consumption' out. Do Europeans just simply not purchase something that Americans do, or is there something in the American lifestyle that is vastly more expensive than its European counterpart (wine)? I feel like healthcare can't explain it all, as they're still paying for it through taxes - although they do pay less for prescription drugs (mooches), I doubt most young people who are buying designer stuff are really on that many drugs.

 

[Britalian]

Just scored. Twice.
Sorry

Well, many people who live here get good pension provision in the future, through taxes, of course. (something I think they'll soon have to wake up to, like France. Or, maybe not...)
Also, a lot of Italians, male and female, live at home with parents, grandparents, well into 20s and 30s till (sometimes never) they get married. (No rent) . And when they do, they often get an apartment/ house 'given' as a start-out 'present'. No mortgage.
I'm sure there are other reasons, too...

 

[Sartorially Challenged]

On average, the material quality of living is substantially lower in Europe, even in Western Europe (compared to the U.S.). Europeans have fewer cars, air conditioning and home square footage per capita (the average "poor" person in the U.S. has a larger house than an average person in Europe). In other words, Europeans often lack many things Americans take for granted as being "normal" material possessions.

Europeans have lower disposable income and often do not have stocks and/or mutual funds. They often do not have second cars (that is, if they even have a car to begin with) or boats. According to a Swedish study, adjusted for PPP, 40% of, for example, the Swedish population would be considered living below the poverty line IF American standards of "poverty" were applied to Sweden. Simply put, the American poor have material comforts that middle-class Europeans often do not, especially outside affluent Western Europe.

The high savings rate in Europe depends to some extent on culture, but also on lack of available credit (inefficient and/or politically-controlled banking system) and comparatively high price of housing per income (one has to save up a LONG time to buy a house), that is to say, by necessity.

This was also the case, for example, in South Korea where a very high savings rate persisted... until the credit system was liberalized, leading to the plummeting of the savings rate.