The year 2008 will be remembered as one of the worst years in global finance. With stock prices plunging to depths not seen since the Great Depression and US unemployment climbing to 35-year highs, there seems to be no end to these economic woes.
But as the saying goes, every dark cloud has a silver lining.
However, shopping this time of the year has never been better, as long as you have some money to spare.
During a trip to the US West Coast over the holidays, I saw prices drop 70 percent at stores such as Barneys New York, Saks Fifth Avenue and Neiman Marcus.
Think Lanvin boots for $300, down from $1,100, or Chanel pumps for $250, from the original $700. Still pricey, but a far cry from their original prices, and definitely a bang for your hard-earned buck.
“This is a rare opportunity in any consumer’s lifetime,” retail analyst Marshal Cohen enthused to the New York Times last month. Barneys creative director Simon Doonan agreed: “It’s a smart time to make good investments. You can get clothes you’ve always wanted but winced at the price. Now you can feel permission to buy.”
Like most girls, I call shopping pure therapy. Whenever I feel bummed out at work or feel a little sad by some strange social occurrence, I convince myself that a little shopping, window or otherwise, will calm me down.
I don’t know what kind of girl doesn’t feel a little bit better when caressing a perfectly supple Balenciaga city handbag or feel the fine comforting leather of Marni sandals. Still, I don’t consider myself a compulsive shopper.
There were times I bought every other thing I can afford like grunge-inspired-meets-90210 outfits from Contempo Casuals or Wet Seal back in the ‘90s. But age has definitely made me wiser nowadays. I’ve opted for quality over quantity. I don’t usually buy things unless I’ve found myself sleepless at night thinking about it or I continuously stare at it online.
But even as unbelievable discounts are offered all over the retail industry, many shops remain empty. During the post-holiday rush called Boxing Day, throngs of people were all over malls but no shopping bags were being carried outside the stores.
Retailers’ incomes have plummeted 24 percent according to the Wall Street Journal. I was one of the few who were willing to part with their money at a time where sales associates and department stores were treating any potential customer like royalty. Even the supposed “immune” luxury retail sector has felt the pinch with a whopping 35 percent drop on year-on-year sales.
One ponders if this is a good chance to help prop up the ailing worldwide economy or is this a harbinger of gloomier times ahead?
I think I shall mull over this while waiting for my next credit card statement.