Thursday, Aug 28, 2008
Retail sales hit 25 year low
Yahoo: Retail sales hit 25 year low
They always use an excuse like wet weather or snow etc, what about plain speaking people can no longer afford to shop!!!!!!!!!!!!!
Posted by mark @ 02:50 PM (495 views) Add Comment
3 Comments
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1. magnifico said...
People will need to shop around for better deals... Surely we haven't fallen to these lows!
I honestly cannot see why the return to a society in which people spend what they can afford should be seen as so disatrous. I do believe that there are large margins before a true crisis ( one in which people need to make cuts to their staple groceries diet) really unfolds.
Only this morning on the Wright Stuff ( no I'm not unemployed, I work shifts though) they said that the average british woman still buys an average of 8 pairs of shoes a year and that the average woman will spend £33K on shoes in their lifetime... Hardly the enviroment in which to start stacking up on canned emergency supplies.
I really resent all the calls ( not necessary in this article) for lending criteria to be relaxed to restart the maddness of a bull economy.
2. renting2 said...
Local pub landlord blamed bad summer takings on the weather and the smoking ban. Not the fact that peole can't afford to go out any more.
3. nooneo said...
1. magnifico @ 1 said...
"I really resent all the calls ( not necessary in this article) for lending criteria to be relaxed to restart the maddness of a bull economy."
Totally agree with you there. How can anyone with any financial sense, want the madness to take off again before the dust settles on this property crash and recession.
I'm no economist but it appears to me that:
1. The increased value of property means, in reality that the banks have not a lot to lend (regardless of the cresit crunch). They have simply let all their assets and need to recoup before they can be viable again.
2. A percentage of the populstion have no disposable income because they have bought a 2 up 2 down in the south for over 250k.
It's the "I have nothing saved but I want it NOW" attitude that got us into this mess.