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Miss Universe Pageant and Venezuela Economic Crisis

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Last week, Venezuelan Gabriela Isler became the sixty-second Miss Universe. The twenty-five-year old won the title during the greatest economic downturn in her country’s history.

Venezuela possesses the largest known oil reserves in the world but nearly 60 percent of its population is considered poor. Inflation continues to plague the country, rising to over 50 percent in the last year alone. And the current exchange rate has fallen to 6.3 bolivars for each U.S. dollar.

In an effort to combat the economy, President Nicolás Maduro mandated that prices be lowered in stores around the country. The mandate is the result of the government’s recent decision to grant Maduro power to rule by decree without legislative support.

Moreover, the country’s national debt has increased in recent years. Recent figures estimate that Venezuelan business owners owe between $700 million and $1.2 billion to their Panamanian suppliers.

In spite of its economic woes, Venezuela has continued to lend support and resources to maintain its participation in the Miss Universe pageant. Isler became the seventh Venezuelan to win the coveted title on November 9.

Along with the other contestants, Isler stayed at the Crowne Plaza World Trade Centre in Moscow whose accommodations cost between 6,500 to 95,000 rubles or $197 to $2,900 USD per night. Several candidates arrived as early as October 21 to prepare for the event.

The 86 participants also enjoyed products from a variety of luxury sponsors including IMAGE skincare, Yamamay swimsuits and Chinese Laundry shoes.

As the newest Miss Universe, Isler was asked to unveil a $1 million swimsuit designed by Yamamay for the occasion.

– Jasmine D. Smith

Sources: The Guardian, BBC, IB Times, Miss Universe

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These Boots Were Made for Spending

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Living in one of the wealthiest nations in the world ideally means full-access to core tenants of liberty – democracy and freedom. Indeed, American citizens exercise their freedom in a multitude of manners, quite notably exercising their freedom to consume.

Women, in particular, dole out about $370 per year, adding up to approximately $25,000 spent on footwear in a lifetime. Additionally, the average woman owns up to 469 pairs of shoes within a 67 year period, averaging about seven pairs per year.

According to the U.S. Department of Agriculture, $146 is an adequate budget in order to feed a family of four a healthy diet per week. Thus, the amount of money that a women, on average, spends a year on shoes is enough to feed a family of four for almost three weeks. Furthermore, the amount of money a woman invests in footwear over the course of her lifetime could have sustained a family of four for 171 weeks, or over three years.

The amount of money that Western women spend on shoes could also have been used to purchase a first-hand car or invested in higher-education. A study by Mintel indicates that men surprisingly spend more money on shoes than women do. Why is this? Although women may purchase more shoes, Colin Chapman of The Guardian decrees that “[…] men’s fashion items are often investments — a good suit, a great overcoat, and a decent pair of shoes have never been cheap to buy, but were built to last season upon season.” Therefore, this statistic does not imply that men buy more than women, but that perhaps men are more concerned with higher-priced durability as opposed to quantity.

Collectively, Americans annually spend about $100 billion on shoes, jewelry, and watches, while $99 billion is allocated towards obtaining a higher education. Furthermore, Westerners annually allocate $100 billion toward purchasing shoes, while the United States designates $50 billion for foreign aid – half of the amount that people spend on footwear yearly.

Perhaps Western spending tactics on footwear gives a glimpse into the massive global wealth inequality that is very much extant in modern times. While 50% of the world survives on less than $2.50 a day to garner food, shelter, clothing, and medical assistance, Westerners collectively spend billions of dollars on luxuries such as footwear and accessories.

– Phoebe Pradham

Sources: World Bank, Huffington Post, Psychology Today, The Guardian, Glamour, USA Today, Sodahead, TIME
Photo: Web Stock Pro

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Bazaar Stars Charity Night


The Bazaar Stars Charity Night (BSCN) is the first charity auction party in China and also goes far in illustrating a new model of charity in China, which integrates fashion, charity, celebrities and the media while doing fundraising in the form of auctions.

Many national celebrities, including famous singers, actors, entrepreneurs and artists, attend the auction party and bid on luxury items each year, the funds of which go to those in need. The media and merchandise brand names are also very supportive.

Over the last 10 years, BSCN has collected about $25 million, sponsored 13 charity organizations and supported people and families in need. Moreover, in 2007, this event was the only charity event awarded with National Charity Award in China.

As more and more celebrities join the event, BSCN has become the biggest and most influential, non-governmental charity event in China.

Mang Su, the executive publisher of Harper’s Bazaar, initiated the event in 2003 and organizes it every year. In fact, Su is a leader in Chinese fashion and one of the top philanthropists in China. Her idea, “Making Charity Fashion,” has, moreover, created a new approach to philanthropy.

Su explained that philanthropy is not about living frugally and saving money for others, but about creating a more valuable society as a whole. “I want to contribute to charity in an innovative and fashionable way,” Su said. “Just like pursuing fashion, such as a gorgeous hairstyle or a beautiful lipstick. Everyone asks, ‘have you given to charity?’”

The purpose of the BSCN event is to help people to understand the importance of advancing society while creating their fortunes. “Not everyone can help others at the cost of his (or her) career, but everyone has a kind heart,” Su stated. “I hope this event can encourage people to express their kindness while fighting for their career and dreams.”

Xinyu Zhao, an investor of Gold Palm Club, bought a Dior sweet-smelling perfume for about $7,246.38. “I would never buy perfume for this amount normally, but this time it is for the charity. I feel very happy,” Zhao said.

Furthermore, Bingbing Li, a Chinese actress and singer, explained that the ten-year persistence of philanthropy is also a form of attitude.

At present, BSCN is not only an auction but also includes in its bag of delights, an evening banquet with dancing, which make the event even more fashionable. “With the development of society, more rich people are emerging. They have their own lifestyle,” Su said. She considers charity activities an elegant lifestyle and exclusive entertainment for the wealthy.

As more and more fashionable activities are related to some form of charity, Su believes charity events similar to the BSCN can bring wealthy celebrities closer to the idea of charity and bring them a deeper understanding of it.

“Some day, behind the rich lifestyle, people will find that it’s only by offering their love and generosity that they can realize their true class,” Su said.

Compared to China’s past charity activities, which were low key and mainly held by private individuals, current charity activities, such as the BSCN, have allowed the rich and famous of the Chinese nation to personally get involved to give back some of their fortunes openly and freely. More and more Chinese philanthropists are emerging, thus representing a new class of Chinese citizens who are on the way to understanding the concept of sharing.

– Liying Qian

Sources: Harper’s Bazaar, SINA, Trends, Women of China