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The New Face of the Global Recession April 8, 2009

Posted by baldricman in News.
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I’ll never cease to be amazed at the diversity one finds in people’s financial and lifestyle priorities, especially when in a pressurised environment such as the one brought on by the global recession. In South Africa last year, when steadily climbing interest rates and petrol prices, combined with poor property-market figures, were threatening many, many households (most of whom have still not recovered of course, and who may not see a solution in the foreseeable future either), I and some friends were astonished to see how many people had such wildly different views of what consituted “luxury” and what constituted “necessity”. (Of course, I tried my best to put it down to simple differences of opinion, but that can be hard when someone regards “going to the cinema” as an essential…)

Anyway, today I was sent an article on The Register about people in the US who are still undergoing elective cosmetic surgery… because they are worried about job security. 

One LA plastic surgeon, Payman Simoni, explained: 

Before the economy turned down, people would come in because they wanted to have more fun and enjoyment out of life. But now plastic surgery has become a necessity for some. People cannot only rely on their skills in this market. They want to look refreshed and youthful so they can compete for jobs.

On a different explanation (read “justification”), NYC surgeon Steven Pearlman says 

People are fed up and are starting to figure that it’s time to live a little. Cosmetic surgery is about investing in yourself. It makes you look good and feel better about yourself, a dozen times a day when you look in the mirror 

So how do they afford these oh-so important investments? Why, they take out loans of course. 

Thanks for the link, Allen.

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Comments»

1. Deems - April 9, 2009

Yeah people’s views on what constitutes necessity and what’s a luxury differ greatly!

And on the topic of recession – how about the most expensive pad in the Western Cape? It’s a steal at R110million! See SA’s Top 10 Most Expensive Homes.

baldricman - April 9, 2009

thanks for that Deems, thats not a bad lookin’ pad, I have to say… 🙂


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