Do you know what ‘pink tax’ you are paying on what you buy?
Over half of women in the UK (55%) haven’t heard of the pink tax and don’t know how it could impact their bank balance, according to VoucherCodes.co.uk’s latest Overpriced Index. The report, which looks at exorbitantly priced goods in the UK, also measures the impact of Covid, Brexit, and ‘the pink tax’ on everyday items.
· Over half (55%) of women don’t understand what ‘the pink tax’ is and could be unknowingly paying more for products compared to men
· Haircuts, razors, and car repairs are some of the items women feel have inflated prices compared to the same products marketed to men
· Nearly three quarters (70%) of women feel angry at the difference in prices between men and women’s products
· People in York and Scotland are the most clued up about the impact of ‘the pink tax’
Over half of women (55%) in the UK do not understand what ‘the pink tax’ is and the impact it could have on their bank balance.
Leading savings site VoucherCodes.co.uk has published its Overpriced Index report, which details the products and services UK consumers believe to have the most over-inflated prices. As part of this, the report examines the impact of ‘the pink tax’ – the increased cost of products marketed to women when compared to the identical, or near-identical, equivalent marketed to men.
Whilst ‘the pink tax’ is a well-documented phenomenon, the report discovered that it’s women over the age of 55 who are least likely to understand what ‘the pink tax’ is – with two thirds (66%) saying they are not familiar with the term. In comparison, less than half of millennial women (48%) are unaware of these extra charges.
Most of do notice women’s products are more expensive
Although there is a lack of knowledge around ‘the pink tax’. Almost three quarters (74%) of women do notice that the versions of products aimed at women specifically, such as razors, shampoo, and shaving foam, have higher prices in comparison to the male counterparts of the same products. This price disparity leaves 70% of women feeling angry at the difference in cost for essentially the same products. What’s more, over half of the men (54%) have also noticed this inflation.
When women were asked which products they think are the most overpriced in comparison to those advertised to men, the top 10 items were nearly all cosmetics and toiletries, however car repairs, shoes, and clothing also made the list.
The top 10 items women deem to be overpriced when compared to the male equivalent
Percentage of consumers who think that the product is overpriced
Razors and razor blades
Shampoo and conditioner
Women often buy men’s products as they are cheaper
Due to the price disparity, two in five (41%) women buy products aimed at men because they are cheaper. However, over half (54%) still buy products marketed towards women, knowing they cost more because they prefer the scent or think they work better.
Residents in York are the most clued up across the UK when it comes to knowing about ‘the pink tax’ with half of the population understanding what it is. Scots follow closely behind, with 49% of Glaswegians and 48% of those in Aberdeen stating they are familiar with the concept.
Many people have never heard of ‘the pink tax’
At the other end of the scale, over two-thirds of people (67%) in Oxford and Brighton and Hove, and 65% of residents in Norwich have never heard of ‘the pink tax’ and don’t understand what it means.
Anita Naik, Lifestyle Editor at VoucherCodes.co.uk, commented: “There are many everyday factors that impact our spending however, for those who buy products marketed to women, ‘the pink tax’ is likely to have the biggest impact on our wallets. For the most part, products such as razors, shampoo, and skincare are unisex – with their main difference simply being scent or even something as superficial as packaging colour. If you usually buy the ‘pink’ version of something. One of the easiest ways to save money is to simply check how much the equivalent item marketed to men costs – it will almost always be less.
“Certain items will cost more depending on where you buy them, therefore it’s always worth shopping around and comparing retailers. There is also an easy online solution that means you’ll always discover if there’s a discount or deal available on a product. DealFinder by VoucherCodes automatically alerts you to the best promo codes available as you shop online, saving you lots of time and money. So, if you are loathed to lose your favourite product scent or colour aesthetic, there are some easy ways to stretch your money that little bit further and make buying items afflicted with ‘the pink tax’ cost a little less.”