It's no secret that recreational spending is down across the board but it has also forced people to put a halt on some big ticket items – things they may actually need – until things pick back up. And – as I mentioned last week – these necessary “pent up purchases” are are starting to be acted upon and may provide the necessary fuel to bring the economy out of the doldrums.
USA Today reports that post-recession, the industries that “fell hardest may see a big rebound.” As with many things recession-related, there exists some severe disagreement among economists as to how much pent-up purchasing power exists and when it will be unleashed on the much-needed economy.
According to USA Today:
But on the flip side, things are positive, too, People are getting tired of drastically limiting their spending, waiting for huge deals or opting for lower-priced off-label brands according to a recent survey.
It's understandable – as Americans, we want what we want, when we want it. It's good that there's hope on the horizon that this refusal to compromise (or perhaps what some would call selfishness!) could be the ticket out of the economic downturn. On the other hand, I believe this tightening of our belts has forced many of us to re-focus on what's most important to us. We're spending more time with our families, re-evaluating career decisions after layoffs, denying ourselves instant gratification.
True, all these things can be stressful – they can harm the relationships in our lives, they can make us physically ill if we don't deal with them in a positive way. While the idea of “pent up purchasing” may be not far off on the horizon, many of us still are and will continue to feel the effects of the financial fallout.
No matter if you decide to contribute to the economy by, say, buying that washing machine, or if the belt-tightening must continue, don't forget the positive lessons that are to be learned from what we as a country have experienced over the past six months or so.
Dr. Bonnie Eaker Weil (http://doctorbonnie.com) is internationally acclaimed and one of America's best-known relationship experts; named by Psychology today as one of the city's top therapists. Join her for a Sex and Money teleconference, June 30th at 4 pm with fellow relationship expert and author, Tammy Nelson: http://bit.ly/teleclass. You can also sign up for her Newsletter.
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Dr. Bonnie has appeared on the The Today show, CBS Saturday Early Show, Oprah!, A Current Affair, The View, CNN, 20/20 and Extra, among others. Her newest book, Financial Infidelity is out in paperback, along with her previous book, Makeup, Don't Break Up.
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