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Purely Dominica

Purely Dominica

On my way home from work last week Friday, I stopped at the IGA (Whitchurch) supermarket to pick up some grocery and I couldn’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 TV’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 I’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, “Be fearful when everyone else is greedy and greedy when everyone else is fearful.” It’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.

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