THE RECESSION WEARS PRADA :
High Heels and the Economy”
BY SRUSHTI PUNGHERA AND AADRIKA SHUKLA
JULY 17, 2021
Economic instability and unpredictability are accompanied by towering high heels, a trend that has persisted for over a century.
he High Heel Index is a fundamental idea that is believed to assist in determining how our economy is functioning. Through computer-based monitoring of social media posts, a study undertaken at the International Business Machines Corporation found that shoe couture and economic growth are linked. Simply stated, higher the heel, lower the sink in the economy. The link between shoe fashions and economic activity may be shown if we look at shoe trends over the last 100 years. From the Great Depression through the current COVID-19 induced economic crisis, each significant recession was mirrored in footwear patterns. This intriguing yet weird theory has prompted many individuals to wonder if the shifting heights of heels are related to the economy.
T
“Usually, in an economic downturn, heels go up and remain up - as consumers gravitate to more flamboyant trends as a method of fantasy and escape,” said Dr. Trevor Davis, a consumer products expert with IBM Global Business Services, and the same person who conducted the study stated above. This has been theorised in the lipstick effect which occurs when customers indulge in small luxury items that do not cost much money during economic downturns. The following timeline tracks the trend and can help us understand this historic correlation.
1920s
This was a decade marked by economic expansion, wealth, and a distinct culture. Dubbed as the roaring 20s, major economies, such as those of North America and Europe, boomed. Women felt liberated and made new wardrobe choices and experimented with shorter hemlines. For the first time, shoes were visible and identifiable as an accessory, and this accessory which could now be paraded, was fully utilized, making strapped pump shoes with 1-inch heels with cutouts, brocades, and other embellishments all the rage back then.
1930s
The Great Depression of 1929 resulted in people making frugal choices in fashion to suit their personal financial situation. Even while ostentatious dressing trends were out, the shoe was a fashion accessory women continued to invest in. This was seen in the heel size, which continued to grow from the 20s. The most iconic example is of Salvatore Ferragamo’s famous “rainbow shoes,” or “evening sandals”. The rainbow shoes had a 3.4-3.5 inch wedge that quickly improved anyone’s appearance by adding
form, colour, and comfort. This surge is
mainly a result of an era where poverty
demanded prudence, and where women
found escapism in their shoe styles.
1970s
The United States and Vietnam conflict had just ended and the economy was in the midst of two major oil crises. Feminism, civil rights, and environmental activism were all on the rise around this time. The youth let go of their past and evoked a new feeling of freedom. In this environment of hardships, struggle, and uncertainty the fashion industry thrived. Even though women preferred flats in the early to mid 60s, the new decade saw the platform heels make a comeback, and this time, both men and women indulged. Platforms in the embodiment of clogs, shoes and sandals were seen. When it comes to 70s shoe fashion, David Bowie’s platform boots always spring to mind.
1990s
During this decade, the notion of heel size exists in a dichotomy, on one hand, high heels fell out of favor as more women entered the traditionally male-dominated workforce, and casual shoes were favored over high heels. It’s possible that on integrating into the corporate workforce, women decided to choose practical clothing over extravagance, especially
when they were already employed and financially
self-sufficient. On the other hand, an upsurge
in the sale of stilettos and pumps and an
all-over comeback of platforms was also
noted in the latter half of this decade.
Vivienne Westwood, a fashion designer,
released absurdly high heels. Moreover, the
entry of red-soled Louboutins in 1993 further
impacted the trend of heels in the 90s.
2000s
The Dot Com Bubble stock market crisis caused by excessive speculation in internet-related companies was anticipated by a surge in trade. Manolo high heels were in high demand in the early 2000s, thanks to the iconic New York- based drama series ‘Sex and the City’. The heel styles were ridiculous in the late 2000s and early 2010s, with Jeffery Campbell’s heel-less wedges, Elizabeth Marant’s high sneakers, and other absurd designs which can be interpreted as escapism from the financial crisis of 2008. High heels were recognised for giving women more “oomph” and raising them, making them feel more at ease in their skin. With the newly released pumps and stilettos, working women may have felt even more comfortable and confident at work.
2020s
Without a doubt, the covid breakout is resulting in the collapse of multiple worldwide economies, with unemployment rates reaching their all-time highs. Ironically, shoe sales continue to climb even though the world was experiencing difficult times
indoors. With their 2020 collections
consisting of towering high heels,
luxury labels like Versace, Prada,
and Miu Miu, as well as relatively
smaller labels like Naked Wolf
and Nodaleto, tell us a kindred
story about heel size and
economic prosperity.
At first glance, changes in fashion such as heel height, lipstick, and hemlines may appear insignificant in light of economic fluctuations, but a correlation between trend and economic cycles does in fact prevail. As Dr. Abigail Brenner suggests, with high heels people attempt to “balance” themselves. The heels almost entirely hide the ground surface under their feet. This symbolizes doubt, anxiety, and apprehension that you will crash, just like the situation in an economic downturn. “Historically, following periods of social hardship or economic downturn, it is typical to see a social reaction against these shared experiences - - it is feasible that in the wake of 2020’s global pandemic, we will see people striving to have fun with fashion again,” said Celenie Seidel, senior womenswear editor at Farfetch.
Keywords
Great Depression, economic growth, fashion, recession, escapism, Prada, economic trends
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References
Berk, C. C. (2011, November 20). High heels: the new economic indicator? The Christian Science Monitor.
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Freeman, C. (2000). High Tech and High Heels in the Global Economy. New York, USA: Duke University Press.
https://www.degruyter.com/document/doi/10.1515/9780822380290/html.
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Brenner, A. (2012, October 12). Stiletto Heels and the Economy. Psychology Today. https://www.psychologytoday.com/us/blog/in-flux/201210/stiletto-heels-and-the-economy.
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Cannon, S. (2021, January 28). Get ready to wear platform shoes again — and it’s a sign of a recession. New York Post.
https://nypost.com/2021/01/28/get-ready-to-wear-platform-shoes-again-a-sign-of-a-recession/.
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Kelly, T. (2011, November 23). Are High Heels The New Economic Predictor? HuffPost. https://www.huffpost.com/entry/high-heels-new-economic-indicator_n_1108401.
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