Saturday, December 22nd, 2007  |  NO COMMENTS

Christmas shopping blues

Rising prices may put a damper on Christmas shopping throughout the Caribbean this year.

Whether it’s a fresh coat of paint for the house, new curtains, a new stereo set, new clothes for the family, extra food, in some countries, preparations would start from early November.

And what would the season be without the fetes, black cake, ham and turkey?

However for many, Christmas as they know it, may not be the same this year.

Throughout the region, people have been raising concern about rising prices, and many are wondering how will they afford the festivities.

No money

In addition to high prices, some countries are still recovering from Hurricane Dean which hit the region in August, leaving millions of dollars in damage to infrastructure and the agriculture industry.

“We have no money this Christmas, no ham, no turkey,” one Dominican woman told BBC Caribbean.

In Grenada, there were similar sentiments.

“I can’t see Christmas, I have no money I can’t buy anything,” another woman said.

Some shoppers say they are concentrating on the necessities, and are reducing their spending on items such as decorations and fairy lights.

	Shoppers are buying fewer gifts this year

“Gifts, food, lights, I have to cut back on, because everything is too expensive now” said one Barbadian.

“I have two kids so I have to get them something, but they’re not going to get as many gifts as they would have done last year.”

Impulse buying

However while some have decided to cut back, others may not be so prudent.

And that’s why Albert Thomas, the manager of lending at the Roseau Cooperative Credit Union in Dominica, is warning that impulse buying should not be an option at this time of year.

“The important thing is to prioritise, and that goes particularly for persons at the lower rung of the economic ladder, who have little disposable income.

“They have to ensure that they spend on necessities as opposed to wants,” Mr Thomas told BBC Caribbean.

He also noted that the availability of easy credit through alternative lending institutions, may also increase the spiral downward the financial ladder.

Focus on necessities

Trinidadians seem to be faring better than their neighbours in Grenada and Dominica, as was evidenced by the busy streets of downtown Port of Spain, filled with Christmas shoppers.

However they too, were mindful of the need to focus on necessities.

“For Christmas when you spend money you don’t feel sorry, once you buy things that you need,” one shopper said.

	Shoppers plan to spend less on Christmas decorations

President of Trinidad’s Downtown Owners and Merchants Association, Gregory Aboud has been observing shopping trends this year.

“Some sectors of the merchant community in Port of Spain are reporting sales equal to or slightly better than last year.

“Some businesses are reporting sales below last year and they include those selling footwear and garments,” Mr Aboud told BBC Caribbean.

Avoid debt

With just a few shopping days left, the general manager of Caribbean Money Market Brokers in Trinidad, Brent Salvery, cautioned that people should keep track of their spending.

One way he said, is to avoid credit card debt as much as possible.

“We know a lot of people make a lot of purchases as gifts and they use their credit card quite often.

“If you do, you should really try to pay that off as soon as possible, because credit card purchases carry a lot of interest charges and are very expensive,” Mr Salvery said.

Some financial institutions throughout the region are offering savings plans to help clients set aside funds for Christmas.

In Jamaica, for example, the Broadcast and Allied Cooperative Credit Union has a special Christmas Club account for its members.

Members are encouraged to save each month, beginning in January, and in early December they receive the total amount saved, plus interest.

Source: BBC News

COMMENT SHARE

Oonu Comments

Name (required)

Mail (will not be published) (required)

Website