Why consumer spending habits have changed.
If you're like me, then your holiday shopping habits have probably changed due to the tight economy. For me, this year, just like the last few, will be filled with more meaningful activities and less impulse spending.
Especially for those who have been out of work and looking for jobs, there just isn't that much money to go around. Interestingly, the early predictions for holiday spending seems to back up this change in habits.
The Wall Street Journal reported that consumers are less likely to spring for things like haircuts and dinners out but that they are more likely to buy a new car or new furniture.
This trend can be seen in almost any industry. Here's a chart that shows how this year compares to previous holiday seasons.
It seems that people are spending less money on short term services and spending more on things that last and keep their families going. I know that for my family, at least, going out to dinner is becoming a luxury and I would rather save my money in order to purchase something we really need or something that will enhance our lives in some way.
For example, I would rather spend money to buy a new computer rather than go on a weekend trip. The computer would last longer and give me more value for the dollar.
One of the nice things about our current economic recession is that people have been forced to re-think their spending habits and start to think about what things are more important. The revival of thriftiness is a good thing.
How have your spending habits changed? Please share your thoughts in the comments.
By Melissa Kennedy- Melissa is a 9 year blog veteran and a freelance writer for SalesHeadsBlog and Nexxt. Along with helping others find the job of their dreams, she enjoys computer geekery, raising a teenager, supporting her local library, writing about herself in the third person and working on her next novel.