The latest news on this change — carefully culled from the world wide web by our change agents. They do the surfing, so you don't have to!
If there's one thing we've learned from the Olympics, it's that people love a big, splashy party. It's hard to think about a recession and job loss when we're watching pretty fireworks and spending hundreds and even thousands of dollars on travel, parties and the like. We're not condemning anyone—the Olympics are a special occasion and should be celebrated! It's really the daily celebrations at all other times leading us to believe people might not be as worried about frugal living as they claim to be.
People across the nation are refusing to give up buying cigarettes and alcohol, despite the fact that they’re trying to pinch pennies every which way they can. Oddly enough, these “sin industries” are holding up rather well in light of the state of the economy. Even as banks and other major industries find their stocks sliding, alcohol, tobacco, and gambling companies find their profits increasing.
Many people are making compromises in other areas to avoid having to give up their vices. Some say they’re giving up prepackaged food at the grocery store, while another says they’re giving up things like fancy haircuts and manicures/pedicures in order to have money for their favorite brews.
Why are these industries doing so well? For the same reason the candy industry is doing so well—vices offer comfort during unstable times and people would rather have a few pleasures than none at all. Seems rational to us—we've still got our morning latte here. Tell us what you can't live without! [USA Today]
Oh yeah, this is so true. The "sin" industries rarely take a hit during recessions. As for my personal vice, I'm still buying wine, I'm just choosing less expensive bottles now. Or when it comes to beer and liquor, I buy based on what's on special whereas before I would buy based on what I/we/the group was in the mood for.