Recession, how it changed the lifestyles of the people?

Malaysia
November 26, 2008 3:16am CST
World economy is going down. It's slow due to the bailouts by our world governments, but it's inevitable. 2009 is going to be worse. People are losing their jobs, businesses are closing down. Amidst all these unwanted events, the lifestyles of most people have been transformed and changed. I'm no exception. The people around me are still spending quite a lot but not me. I used to be spend a lot on WANTS. Now, I'm focusing only on NEEDS. It's not that I don't have money but I somehow prefer to keep those cash in case of emergency. I cannot predict if my company is going to close down or if I'm going to lose my job. That's why, I'm really controlling my urge to get the WANTS - those nice PS3 games, the nice laptop which I think I need...and other things. I've reduced all my expenditures and currently, just focusing on the NEEDS and to spend more time with my family. And at the same time, try to earn as much side income as possible. But that's about me. What about you?
2 people like this
4 responses
@Monkeyrose (2849)
• Canada
26 Nov 08
I think the media is hyping this recession too much. The more they focus on it the more investers back out which means less development and so less jobs and less money to spend. I live in british columbia in canada. our province actually has a surplus this year. There are still help wanted signs everywhere. People are talking about jobs slowing down but I'm not seeing it. A customer of mine the other day was saying he works 70 hrs a week and he could work more if possible. He works with concrete in construction. I work at starbucks which is a company that stocks have dropped drastically in the past year. To no avail. Starbucks closed 600 stores in the US.... however this only represents about 5% of the total stores worldwide. Starbucks is now focusing on improving the success of current stores rather than build store upon store. I live in a small suburb of Vancouver. We have 5 stores in our suburb. They are all a 10 minute driving time from my home. Starbucks is actually still expanding in canada. WE have not seen a reduction in sales. In fact we have seen a dramatic increase in sales in the past 2 weeks as the christmas season is upon us. I feel the pince. But I've felt the pince all year because I work in retail and get paid low wages. I'm going to put a little extra on credit cards in the coming months and then after christmas work my butt off. I currently have two jobs but I work the other one only 4 times a month. I can always pick up more shifts there.
• Malaysia
27 Nov 08
The media will always try to make things as big as possible. That's what people are paying them for. People don't want to read "unimportant" news. As for the actual recession, I do feel it's quite serious. Maybe it's not as serious as what the media is claiming but it is still one of the worst so far. My country is not showing obvious signs...but you already can feel it by now. As for the Starbucks closing up their shops in US, I think it's only natural to close those shops which are not doing well. Just that maybe by doing it on such a large scale, it'll surely get some unwanted attention from the media. I'm sure Starbucks has done this before in the past few years, but the economy was still okay back then and that is why the media didn't really care.
1 person likes this
• Canada
27 Nov 08
WEll the us has been feeling the recession for alot longer than canada has. It only begun here. Things are starting to slow down. Starbucks hasn't closed stores down before. maybe a few here and there. but not alot. There marketing plan is oversaturation. They go into a market and dominate it. For example... when they went into london they opened up 20 stores at once instead of one or two. With this marketing stradegy they are bound to have extra stores that arent doing well. 600 may seem like a big number but its not.
@subha12 (18452)
• India
26 Nov 08
It has definitely brought changes in lifestyle. we are more careful in spending. we are also apprehensive about the jobs. still it is time to horn the skills very much so something good can be achieved.
• Malaysia
27 Nov 08
Some of my friends actually opt to pursue their studies since that's the best thing to do during the recession.
@kmkper (90)
• India
27 Nov 08
I hear many giant financial companies in US just like that often. That makes me nervous sometimes. Though thank god i am into e-learning industry and luckily my job is safe relatively. Though it's true that our life style changed much more now a days every business thinks twice before taking a new step ahead in expanding his business because uncertainty. No investment class helps either it's gold, mutual fund, stock market, commodities mark etc. When money shrinks ultimately liquidity goes tight. Prices of essentials flying to sky high everyday. Also cost of lending(or money) is very high so consumers hesitate to spend. When consumers doesn't spend where the companies going to profit?? It's a cyclical process. One effects other continuously.
@balasri (26549)
• India
27 Nov 08
The same here.I am in placement business.My client from Dubai needed 20 people for the travel company and in midway he cut it down to only nine people saying that they have decided to go slow.I have lost some business there. My monthly expenses to run the family has nearly doubled.Right now I have postponed the idea of buying the new car I have planned to buy.I am holding to my savings tightly and pray for the revival of the economy which I do not know when.