Question of the day...

hoosieroriginal · ‎03-04-2012

Are you being more cautious with your money since the 2008 financial meltdown? Are you buying as many frivolous items? I think this is one reason why so many stores are closing, people aren't buying as much, they're saving their money and being more responsible with their money. I know I won't buy anything unless I really need it. How about you?

dex · ‎03-09-2010

@hoosieroriginal I don't think that the stores are closing for that reason but more because people are shopping online for the best deals.People seem to be still eating out,getting manicures,traveling and going to movies so they are spending money.

truffle · ‎01-04-2016

@hoosieroriginal wrote:
Are you being more cautious with your money since the 2008 financial meltdown? Are you buying as many frivolous items? I think this is one reason why so many stores are closing, people aren't buying as much, they're saving their money and being more responsible with their money. I know I won't buy anything unless I really need it. How about you?

We did change a lot of things around here absolutely. We're very careful now and are looking toward the future debtfree in maybe 3 years.

151949 · ‎03-09-2010

We get our mail at a gang box and there are 4 boxes for the delivery of packages. However, sometimes the mailman has to deliver to the house because all the package boxes are filled - that means at least 5 of the 8 people who get their mail at that box got packages. I think it is ALL about shopping the internet.

Pook · ‎03-20-2010

I also think the reason so many B & M stores are closing is the internet which makes shopping for anything so easy! Life is too short to skip buying things you might want just in case. That's not saying go into debt either but if I can afford something I want I probably will buy it. I was more cautious when I was younger but still bought things I wanted. The older I get - well I can't take it with me so I might as well enjoy myself!

beckyb1012 · ‎03-09-2010

Cheaper than dirt and proud of it. Every time my statements come in monthly or quarterly for accts. ect...... I just smile and snuggle back on the couch with a library book. When I get the urge to spend $$ I just think of the all the junk I threw away over the years that I thought I so needed and of course did not. Debt free is a wonderful feeling I will not give up for a new handbag.

"Live frugally, but love extravagantly."

CelticCrafter · ‎03-09-2010

I think the stores are closing due to the internet shopping.

I know for myself, if I can get free shipping, use a coupon code and get a little back from ebates, I'm buying it on-line.

I don't like to shop and if I could I get those same deals on grocery delivery, I'd never go into a store.

Poodlepet2 · ‎03-09-2010

That's an interesting point you brought up! We are in Florida and our financial planner is in New York: his very words were that people are being more conservative with their money and more responsible.

Internet sales are exceeding brick and mortar stores, but even then, internet sales are not what they should be.

This is not political, but historically in an election year no matter which party rules, people tend to hold on to their cash until they see what's happening in the market (interest rates of all kinds,etc).

I think the big take home lesson following the crash is don't spend what you don't have...and I think that has affected every financial stratosphere....even the very top.

It has become a very vociferous complaint, for example, that the goods in stores like Saks and Lord and Taylor are not what they used to be....Top stores are complaining that high end merchandise is not moving the way it used to.

I think people are more cautious.

Poodlepet2

KentuckyWoman · ‎03-13-2010

I do think people are spending their money where they can get the best deal. Sometimes it's online and sometimes B & M stores. We were at the mall this weekend and it was packed....I mean packed. We also went to the open air strip mall near there and it was very, very busy as well. In northern KY, people are still shopping B & M a lot.

Trix · ‎03-16-2010

All of the responses posted here have merit. The convenience of having any type of merchandise you want conveniently available with a few clicks has definitely impacted brick and mortar stores. However, the stores which have closed or are struggling had the opportunity to heavily market an online presence to compete in that area. Many of them failed to do this. I find it surprising that stores like Penney and Sears, which were founded and built around mail order catalogues, had such a hard time reverting back and developing extensive mail order departments to service the growing number of home shoppers. This failure has to be factored into their demise.

Many financial professionals support the reasoning that frivolous merchandise doesn't sell that well anymore. This suggests that the masses are being more discretionary when it comes to shopping for the sake of shopping. With the middle class holding onto more of their money, retail is bound to feel the impact. Those considered to be wealthy is probably only 10% of the population. They alone cannot hold up retail. A growing number of Americans of average means seem to be less inclined to want to keep up with the Jones. They consider buying clothes to hang in the closet with the tags never being removed, expensive collectibles, things you don't need for your everyday life, eating out daily, buying things just to say you have them which don't really enhance your life as frivolous. On the other hand, I don't think the middle/working classes think of things like clothes for work, school, haircuts and manicures, going out on the town once in a while, tickets to performances and sports events as frivolous spending.