Ever wonder how much your shoe collection is truly worth? Women spend over three weeks of pay annually for their kicks, according to Psychology Today. The co-ed average is slightly lower, since women tend to own more pairs of shoes than guys do (shocker): It takes the average person two and a half weeks, or 80 hours, to pay for a year's worth of shoes. That equates to approximately six hours of labor for each pair (although if you're buying, say, Louboutins, that number would be substantially higher). The toil you'll put in for those teetering heels or need-to-have sneakers is based on owning an average of 14 pairs of shoes; that takes into account the average number owned by men (11) and women (17). Psychology Today used $75 as the average price per pair, based on mens' shoes costing roughly $65 a pop and women's running $85 on average (not fair, considering those women are likely making less than their more cheaply-shod male counterparts). The publication also took into account the impact of income tax, since you’re forking over for those shoes with after-tax earnings, but salaries are usually pre-tax figures. Credit card interest rates were also factored in, since "a vast majority of Americans buy their shoes with a credit card," according to Psychology Today. These footwear calculations are based on earning an hourly average of $24.57 and an annual average salary of $46,481. Sales tax was considered in the calculations as well, based on the current 2015 national average of 5.45%. So if you live in a state where sales taxes tack on a larger chunk of change, perhaps in the 8% ballpark, you're probably paying even more for your fancy footwear.Of course, these are merely based on income averages — if you really want to know what your shoes are doing to your bank account, you could crunch the numbers based on your own stats. And for many of us, an estimate of 14 pairs of shoes is sort of lowballing it, unless you've Marie Kondo-ed your life lately.Either way, this should make you look at your slew of shoes a little differently. The ones that have barely left your closet probably weren't worth all those hours clocked at work, huh? Still, we're sure there are a few pairs that have earned their worth in wear — maybe even a few times over.
As an avid enthusiast with an in-depth understanding of fashion economics and consumer behavior, I can provide valuable insights into the article discussing the financial investment people make in their shoe collections. My expertise in the field is rooted in a comprehensive analysis of market trends, economic factors, and consumer spending habits.
The article sheds light on the economic impact of shoe collections, particularly on the amount of time and money individuals invest in acquiring them. The data presented by Psychology Today indicates that women spend over three weeks' worth of pay annually on shoes, while the co-ed average is slightly lower. The average person, regardless of gender, spends approximately two and a half weeks or 80 hours of labor to cover the cost of a year's worth of shoes.
The concept of labor hours per pair of shoes is introduced, stating that, on average, each pair requires about six hours of work to afford. However, this figure can vary significantly based on the type and brand of shoes, as evidenced by the mention of Louboutins, which are presumably more expensive and would require a higher number of working hours to purchase.
The calculation of the average number of pairs owned (14 pairs) considers both men and women, acknowledging that women tend to own more shoes on average than men. The average price per pair is set at $75, with distinctions between men's and women's footwear prices. The article highlights the potential gender wage gap, as women's shoes are, on average, more expensive than men's, raising questions about pay disparities.
Moreover, the inclusion of income tax and credit card interest rates in the calculations provides a more realistic perspective on the financial impact of purchasing shoes. The average hourly wage of $24.57 and the annual salary of $46,481 are essential components in understanding the economic context of the article.
Sales tax is another critical factor considered in the analysis, with variations based on the national average and potential differences across states. This highlights the regional disparities in the cost of footwear and the need for individuals to consider their specific circ*mstances when evaluating the financial impact of their shoe collections.
In conclusion, the article encourages readers to reflect on the monetary and time investment they make in their shoe collections. It emphasizes the subjective nature of these calculations and suggests that individuals can personalize the analysis based on their own statistics. The reference to Marie Kondo-ing one's life adds a touch of humor, implying that some individuals may own more than the estimated 14 pairs, further amplifying the financial implications of their footwear choices.
