The country may be in the midst of a deep recession, but we have Michelle Obama to thank for helping us one outfit at a time.
According to the Harvard Business Review, the First Lady is responsible for more than $2.7 billion in fashion sales in the height of the country's financial difficulties.
Michelle has made more than 189 public appearances while wearing 29 different brands between November 2008 and December 2009. After each appearance, women will run out and buy something from the label she had on, averaging to $14 million in sales.
Wowsa! Plus, the company's stock price most likely remains high for weeks.
"The First Lady's astonishing influence may be tied to the fact that consumers know she's not paid to wear what she does, whereas they may subconsciously discount models' endorsements as inherently corrupt," said NYU Stern School Professor, David Yermack.
He also discovered that the brand that Miz Obama wears shoots up an average of 2.3 percent! It's pretty impressive considering an endorsement by Sarah Jessica Parker only accounts for 0.5 percent rise in sales.
Michelle is the most powerful woman in fashion.
[Image via WENN.]
Tags: recession, sales