Canada’s New Recessionary Consumer

recession

A great article by the Globe and Mail about how businesses such as Holt Renfrew, Tiffany & Co., and consumers are adjusting to the new economic times.  A recent survey they conducted shows:

Almost three out of four wealthy consumers have made recent changes in their purchase of luxury products or services.

More practical in my purchases: 43%

More budget conscious: 43%

More what I need rather than what I want: 30%

Buying more luxury goods, due to available deals: 12%

Buying less luxury goods, due to negative image on downturn: 10%

Buying less luxury goods, due to discounts, less exclusiveness: 9%

Not made any significant changes: 27%

I really think we’re all going to be OK.  Although there is an obvious decline in consumer spending and employment, it can’t all be bad.  The recession is a time for change and reflection.  It can be a time to realize and make efforts towards moving towards a sustainable future rather than a purely consumer one.

You can read the full article here.

Image courtesy of Poloraid-girl

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