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  • Category: Miscellaneous

    Are the high spending days of the high flying class over?

    One does not get accurate ideas of what is going on. We really do not know what is going on. But the reports seem to suggest that the younger generation who would be high on booze on every weekend ("Freek out" is the word they would use) , is now going slow. Their high spending days are over. Or is it?

    What do Members see on the ground? I have not been to the big shopping malls in Chennai recently. I would once see the vanity spending in full flow in one shopping mall at Velacheri, a superb suburb of Chennai. But whatever I hear from the reports, the spending habits are down. The shopping malls have no big crowds at all. Perhaps the high spending class are spending less now, due to the uncertain times.

    What opinion doe Members have? What is their opinion?
  • #711146
    True. We noticed the difference. All malls are opened but the business is less there. We are not seeing many people there. Restaurants are opened but no much people to go and eat there. But near the wine shops, the crowds are seen always. I am talking about what I have seen in Hyderabad. Local buses are running but occupancy is very less. The same is the case with the metro also. No many cabs or autos on the roads. This is all due to the fear of COVID 19.
    Not that they don't want to spend. Many people are going for online purchases. But as mentioned by the author there are no unnecessary purchases. Many people are suffering as they lost their jobs. Many people are shifting to their villages as they are not able to pay house rents in cities.
    Rich people also not going out unnecessarily. They are very careful and trying to be staying back in their house and that made the sales to come down I think.

    always confident

  • #711148
    Yes, and that is the fact of life that due to the ongoing pandemic there is a paradigm shift in many activities of people and as we observe the activities of rich and celebrity class with awe and interest, naturally this is the observation of the most of the people that they are going slow on extra indulgences due to underlying fear and uncertainty. The new generation IT and multinational professionals were getting a fat pay packet and they could afford that type of luxury which the middle class cannot imagine. Now many of them are shunted out in the name of corporate structuring which is in fact has arisen because of the reduced customer demand and consequently revenues have been dwindling continuously. All this has affected the morale of those who are still in jobs and drawing a respectable salary but do not know what would happen tomorrow.
    Knowledge is power.

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