Shrink it, pink it, tax it.
By Emily Byrd, Zoe Cox, and Lauren Penington
What is the pink tax? The pink tax is a markup, the extra amount women are charged for certain products or services. Services like getting your hair cut, dry cleaning, vehicle maintenance or products like razors, soaps, shampoo and conditioner.
So, what’s the pink taxs’ purpose? The Joint Economic Committee of the United States Congress says, “retailers claim that it’s due to higher costs for producing women’s products or providing services for women, but there is a great deal of evidence that there are significant price differences for practically identical products. In some cases, the only difference is the color.” For example, razors made specifically for women, when compared to the “men” razors are the same in appearance and function- the only difference being that the product made for women is pink or purple instead of black.
According to the U.S New & World Report, women pay more than men 42 percent of the time. While men pay more only 18 percent of the time. The difference is staggering as we take a step back and realize how many times women have found themselves paying more for products. On that note, how much more do women pay for services? For personal care, 13 percent, eight percent for clothing, seven percent more for toys and accessories, and four percent more for shoes, in the long run, women spend about an extra $1,351 per year.
The disappearance of the pink tax seems far out of our reach so, budgeting and being cautious is one highly effective way to minimize the chance of the extra costs piling up. So save it up so you can make it rain.