On my way home from work last week Friday, I stopped at the IGA (Whitchurch) supermarket to pick up some grocery and I couldnâ€™t believe how packed the place was. It made me question if there really was a recession going on in the Caribbean.
Now, you can say everyone needs to eat but even among luxury stuff, I still see a lot of consumption happening. For example, people are still buying items like huge flat screen TVâ€™s on hire-purchase, and Japanese re-condition vehicles are coming in by the boat loads.
All the economic reports indicate that we are spending a lot less because of the recession. But I want to know, are YOU spending less? I asked the same question to many middle income workers and the answers were enlightening to say the least.
As for me, I’ve reduced my spending just a little. If anything I will be increasing it. However, how Iâ€™m spending has changed considerably. Because the recession creates an open window of opportunities, the majority of my spending this year will be going to towards long-term investments. As Warren Buffet said, â€œBe fearful when everyone else is greedy and greedy when everyone else is fearful.â€ Itâ€™s time to get greedy! With home prices dropping slowly, I figure this would be a good opportunity to buy a home or add more real estate portfolio.
Back to the question at hand – Has the recession reduced your spending? Tell us in the comments below.