Recession Gurus.

As consumers, there are many ways in which we can reduce costs. In today’s fashionable world, we are all tempted to get new clothes everyday to keep up with the latest trends. Whether it is the latest python bag or the new marc Jacobs dress, we all want to get our shares in the latest trends. But however with the recession comes along with a budget which seems to limit our fashion desires. But that doesn’t mean we can’t stop looking fashionable. We can always shop at alternative places which reduces our costs on shopping. For example, all of the girls today always want to get high end branded dresses which they see on gossip girl. But they do not need to splurge $500 on just one dress where they can get the exact style of dresses at a low budget shop such as Forever 21. Forever 21 offers wide range of dresses at a very low price. Comparing with a $600 Diane Von Furstenberg dress, we consumers will be saving a lot of money by purchasing a forever 21 dress which cost only $48 on the average while still getting that same style we are opting for . On top of that, currently they have a very attractive sale going on in their store. By shopping at alternative places and making the right choice of what to buy and what is necessary, we consumers can reduce our costs greatly. We always have a choice and we should be wise in making choices.


Producers are also facing a hard time during this recession. Many producers see cutting the number of employees as a solution to reducing costs. To a certain extent, yes it does cut costs but however, it does reduce productivity for the producers. Instead of reducing the number of works, producers should focus more on how to increase the demand for their products as due to price mechanism when the demand falls, the supply falls too and thus generating less profit. Producers should come up with solutions to getting more consumers to purchase their products. Well one way is by offering discounts and promotions. One example would be air flights. We all do love to travel around the world. But however with the credit crunch, we have to think twice before making travel plans. Numerous airlines around the world are suffering great losses and have few passengers travelling. As a result, airlines have to cut many flights. But by offering promotions, airlines are attracting more customers. This is clearly evident when Singapore
held its annual NATAS fair. With a great amount of promotion and discounts for airfares, there was an overwhelming response. People were clearly attracted to the bargains that were offered.