WHAT IS PINK TAX? HERE IS WHAT YOU CAN DO!
WHAT IS PINK TAX?
Pink Tax refers to Gender based descrimination. Most of us doesnt happen to take this as as serious issue. Most of them have accepted that is a rule and choose to believe it blindly. But Today, I would like to address this issue and the issue is Pink Tax.
Pink Tax refers to an invisible cost that we, as women, have been charged for the product manufactured, desgined and marketed specifically to us. If you see, as the same products designed and marketed to men is sold at a very less price.This phenomenon is not limited to first-world countries. In India too, women pay pink tax on a wide variety of products and services marketed specifically to them.
Companies and marketers give the justification that the hike in prices of women's products is due to product differentiation and higher packaging costs. To make the product attractive to and reach the target audience, i.e., women, companies report that they have to resort to more aesthetic packaging, altering the colour scheme of any product and sometimes even highlighting the USPs in various forms. This leads to an increase in the cost of production. Another reason that they cite is that even if the quality of any product remains the same for both women and men, they assume that women are willing to spend a higher amount on their grooming and personal care. So, they use that assumption to sell women's products at a higher price, thus leading to gender-based price discrimination. These big brands and companies market their products based on women's insecurities that are a result of so many years of patriarchy and systemic oppression.
Various study compared 800 products across 90 brands specifically targeting a particular gender showed the following:
- Toys and accessories targeted at women/girls were 7% more expensive than those targeted at men/boys.
- The same stood for children’s clothing at 4% more for girls, and 8% more for adult clothing.
- A whopping 13% more for personal care products and 8% more for senior or home healthcare products.
if you pick up a razor from a certain brand marketed to a man, you would notice that the cheapest razor (for a pack of 5) is priced at Rs 88. On the other hand, if you pick up the cheapest razor of the same brand marketed for a woman, you’ll notice the price at Rs80 (for a pack of 1).
While there are always exceptions, most salons charge more for women’s haircut than men’s. This is also true for personal care products such as razors and deodorants. In some cases, apart from the packaging, the female version is hardly different from the generic one. For instance, while a well-known brand of disposable razors marketed towards men cost around Rs 20, the cheapest disposable razors for women from the same company cost close to Rs 55.
The concept of pink tax isn’t new. It was first implemented in the US in the 1920s while drafting the sales laws and has trickled into other economies around the world. While many things have changed and been abolished within the last few decades, pink tax has slipped under the covers and stayed hidden in multiple personal care products.
This tax, however, doesn’t stop at just personal care products. According to a survey conducted by the World Economic Forum, old age care for women is 8% more expensive.
Measures to be taken:
The first step is to calculate exactly how much you need for retirement. You need to know this as early as possible as there will be things like pink tax, inflation, unforeseen expenses that you’ve got to factor in.
Next, now that you’ve gotten that estimated amount, you need to reach that goal. So, set a target age by which you’ll get there and the stipulated amount you’ll have to save to reach there. However, just saving isn’t enough. You will have to invest in instruments that will get you there the fastest with minimal risk.
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