Word: apparel
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Dates: during 1950-1959
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Addressing 400 fashion experts at a Fashion Group luncheon last week in Manhattan's Astor Hotel, Allied Stores Corp.'s B. Earl Puckett was stern. "Basic utility," said he, "cannot be the foundation of a prosperous apparel industry . . . We must accelerate obsolescence." Reminding his listeners that 1948's apparel sales had been exceptionally good because of that year's one-shot "New Look," Puckett added that what was needed was a New Look every year. "Money that was not spent for soft lines . . . was not spent on other lines of merchandise, but was saved...
...economists would say that in 1949 the U.S. economy had achieved stability. But the U.S. had started down from the dizzy and dangerous peak of inflation without breaking its neck. Food and apparel prices had come down 3.8%, wholesale prices of manufactured goods about 5% and the total cost of living 1.1%. In short, prices which had gyrated upward in giddy, uneven swings were coming down in an orderly manner. The bogy of recession that had haunted everyone for four years was not completely laid, but it was a vanishing specter...