The hot waitress economic indicator index is an informal and one of the miserable economic indicators used to measure an economy’s well-being. The indicator is constructed by compiling the average number of people working as waiters or waitresses.
According to the index, when the economy is performing dismally, the servers’ attractiveness is on average. Theoretically, it is presumed that physically attractive individuals can leverage their looks to get high-paying jobs during good economic times. However, more attractive people are compelled to work in lower-paying jobs during bad economic conditions because of job insecurity.
Understanding the Hot Waitress Economic Indicator
The theory behind the hot waitress economic index was first advanced by American magazine and newspaper editor Hugo Lindgren and documented in The New York Times magazine. Lundergan was inspired by the 2008-2009 Global Financial Crisis that came about due to the financial mortgage market crisis.
Lundergan initially observed that attractive people in the Lower Eastside of New York served tables. However, establishments that previously downsized their serving employees through layoffs were subsequently replaced with more attractive employees to perform the same role. The move, according to historical evidence, drove up foot traffic and, eventually, boosted sales at the establishments.
Economists are still unsure about the hot waitress economic index’s competence as a reliable indicator of a long-term trend in an economy. However, the use of employment as an economic indicator is not far-fetched as traditional economic theories suggest that the statistic can be useful for gauging the general trend of the economy.
Employability of Good-Looking People
Regardless, the hot waitress economic indicator can be a coincident indicator used as it occurs or even a leading indicator with a substantial impact on the recovery of an economy. The assertion is based on the notion that good-looking attributes are essential factors in the labor market. Good-looking individuals are better placed to land on better-paying jobs when a crippled economy begins to turn around.
The theoretical underpinning of the hot waitress economic index is actually backed up by a number of empirical researches. According to psychologists and behavioral economists, physically attractive individuals tend to be more confident and endowed with capabilities, two factors that earn them better and high-paying jobs. When companies recruit highly attractive workers in terms of physical appearance, customers will develop more trust levels, loyalty, and purchase intentions towards the companies’ products and services.
The effects stem from the so-called “beauty premiums” and “ugliness penalty.” For physically attractive men and women, they will have a better chance of obtaining jobs and higher payments. So, the scarcity of better jobs out there is implied when good-looking employees are waiting tables.
Hot Waitress Economic Indicator and other Unusual Economic Indicators
The hot economic indicator index can be limited within a particular region. For example, the number of hot waitresses in New York may result in a different economic implication for a city than for an entire country. Economic reports gathered and published by various agencies could use the hot waitress economic indicator and other oddballs to supplement the economic view.
There are more unusual economic indicators that apply both regionally and nationally. The indicators can be compiled alongside the hot waitress economic indicator to shed light on an economy’s state. Some of these indicators are as follows:
First Date Indicator: Its concept is premised on the idea that people tend to seek out others for first dates when the economy is nose-diving and sentiment falls. The correlation to the first date indicator can be found on the Match.com website.
Penis Length Correlation index: The penis length correlation indicator compares different economies and argues that regions or countries where men are of an average penis length are characterized by more robust economies than those with the largest and smallest. The study was conducted by the University of Helsinki’s Tatu Westling.
Marine Advertisement Intensity Index: The indicator contends that Marine Corps advertisements’ intensity evolves with recruitment trends. More civilian populations are likely to enlist during an economic downturn. However, an overwhelming number of people sign up, forcing the Marines to raise the hiring bar to scare off potential candidates.
Higher Heel Indicator: It is argued that consumers resort to more flamboyant fashions when an economy is bad as a means of escape and fantasy. It makes heels go up and stay there until a turnaround.
Baby Diaper Rush Index: The baby diaper rush indicator shows that parents with toddlers and newborn babies change diapers a few times to cut costs and save money during economic hardships.