Wisconsin Beth
Distinguished Associate
No, we don't walk away. But when we're holding on to something precious, we run.
Joined: Dec 20, 2010 11:59:36 GMT -5
Posts: 30,626
|
Post by Wisconsin Beth on Jun 19, 2020 13:19:02 GMT -5
I think our spending is back up to preCovid levels. I just dropped $220 on a Kid Ninja Camp for both kids next week. And the gym fees are being charged again. We're planning vacations for the summer but those are fairly cheap - camping in our trailer. We usually do waterparks resorts 2-4 times a year but those are off the board for awhile. Groceries are staying fairly normal - expensive but our normal. I just ordered some clothes for the kids because they've outgrown so much.
|
|
|
Post by The Walk of the Penguin Mich on Jun 19, 2020 13:30:15 GMT -5
Well, in the interest of an unbiased statement: If the govt hadn't closed all the businesses, the rich would have had somewhere to spend their money. Yeah, that would have resulted in more people getting sick but that isn't what the article is about. It's about spending money and you can't blame rich people for not shopping in places that aren't open. That. Isn’t entirely true. Everyone I know is being cautious with their discretionary spending. When you have more, you have more to lose. In addition, wealthier people skew older, putting them at higher risk, you can’t spend if you are dead. There are few places to go to avoid the infection, so why travel. Finally, they are typically better educated, and if they haven’t been drinking the right wing koolaid, better understand the science behind this. They will spend when they feel safe Very much this ^. Both DH and I are 60+ and are doing what we can to keep US healthy. But we have reached the point in life where we do not need to buy for buying’s sake. We have too much crap as it is, and are trying to downsize. However, while stores are closed, I can spend lots of $$ online if had the urge to spend, physical stores do not have to be open. We do try to support local restaurants though. The vast majority of our budget is for travel, and that is not safe for us right now. Both of us are chomping at the bit, but we are not stupid. Yeah, we could get on a flight and go to Hawaii.....and be quarantined for 2 weeks. Why bother?
|
|
bean29
Junior Associate
Joined: Dec 19, 2010 22:26:57 GMT -5
Posts: 9,910
|
Post by bean29 on Jun 19, 2020 14:15:54 GMT -5
I am not sure how many restaurants will go under. A lot of working people are still getting take out. We eat out as much as ever. Some may go under, but a lot are going to survive. Restaurants have always had a high turnover rate.
DH is having a grill area added to our backyard patio. They will refresh/add some area to our patio and we are going to have our front walk re-poured and widen our driveway approach from 2.5 car to 3 car wide driveway. We probably would have had it done in any case, idk.
We don't have any big travel planned, but we usually do a few sports events, a few festivals during the summer. Everything here is cancelled. I had not planned on a new car this year. I still do not plan to spend the $$. I kind of want a new refrigeator - but we are going to hold off for now. Ice maker on existing one went, but we have a newer full size refrigerator in the basement, so it is not an emergency.
My DN was going to get married in October. Mom called me yesterday and said they moved the Wedding to July 5th and will only have 20 guests. This is what scares me- the hospitality and travel side of our economy is just gone. Normally a wedding would have food/beverage/hotels and probably breakfast and or lunch the following day. Normally those jobs would not just vanish - they might fall off, but you would probably have a wedding or some travel here and there, but we just wiped it all out.
On the other hand, I went for a filling this am. They have to clean each room after the appointment. They have to change jackets. Take patient temps. Wear masks, and they clean each room with an infared machine afterwards. It has to be increasing their costs quite a bit.
Kohl's bill was over $700 and I don't really like shopping there. One of my kids charged $150 there and I bought a baby shower gift from Me/MIL/DD. I also have been on-line shopping at my favorite clothing store. Our income right now is fine, but my DH is an insurance agent in a lower income neighborhood. I am sure he is going to lose significant renewal business. I am afraid next year's income will be significantly lower.
I have get my hair colored every 4 weeks. I missed 2 appointments, but just had my second since reopening last week.
|
|
Tiny
Senior Associate
Joined: Dec 29, 2010 21:22:34 GMT -5
Posts: 13,362
|
Post by Tiny on Jun 19, 2020 14:18:53 GMT -5
Well, in the interest of an unbiased statement: If the govt hadn't closed all the businesses, the rich would have had somewhere to spend their money. Yeah, that would have resulted in more people getting sick but that isn't what the article is about. It's about spending money and you can't blame rich people for not shopping in places that aren't open.Not Not the point I (or the article) was trying to make. The article is more about how the Pandemic has highlighted what the American Economy is actually made up of. I think there might be some 'surprise' about it. All the pooh poohing about how minimum wage should be a living wage or that people who work low paying jobs should just work harder to get a better paying job (with benefits) or the idea that it doesn't take a two income family to be "middle class" for most families. Most of those low paying jobs went away when the Pandemic hit - and those jobs(income) account for a bigger percent of the Economy than I think most people thought. Instead of an economy built on creating/building widgets - we have an economy built on people providing "not really necessary" services to other people who can afford to pay for those "not particularly necessary" services. PLEASE do not think I am dissing any one who works a service job - by calling them "not really necessary". I'm not. Just pointing out that people "outsource" a lot of the chores/skills that in the past the family or a family member could do.
|
|
|
Post by The Walk of the Penguin Mich on Jun 19, 2020 15:03:59 GMT -5
Not many restaurants have closed in this town....it looks like 2 restaurants, a pub, a bakery and a tasting room.
However, what HAS skyrocketed is the presence of food trucks. They are doing a tremendous local business.
|
|
Deleted
Joined: Apr 18, 2024 16:35:52 GMT -5
Posts: 0
|
Post by Deleted on Jun 19, 2020 16:00:51 GMT -5
We dumped a buttload of money into the construction industry right at the beginning of the covid pandemic. We would have had to cut back some, as that was largely cash flowed. Travel has come to a screeching halt. We have 4 major trips planned for 2020 and 2021, the trips in 2020 were fully paid. The trip in May has been pushed back to 6/21. Next trip coming up is 11/20. I give that about a 50:50 chance of happening. We had several trips planned to see family this year. Just weekend trips, but the border is closed until 7/22/20. Clueless if the border closure is going to be extended again, but after listening to Canada’s talk radio this morning, I’m thinking it will be. This made me realize that some of the money I haven’t been spending to be out and about and travel has been diverted to doing stuff around the house. Not all of it is being spent for that, I’ve also increased my savings since my spending has decreased. Since we’re stuck at home (by choice despite things opening up again, and besides going to work), we’ve been doing some things to make it more comfortable. That’s money we would’ve spent eventually, but spread out more over time.
|
|
Deleted
Joined: Apr 18, 2024 16:35:52 GMT -5
Posts: 0
|
Post by Deleted on Jun 23, 2020 13:07:43 GMT -5
Yes, this recession is going to be extremely dividing to the country (my opinion the reason for the large protests/riots/looting). The S&P 500 is going to do well in my opinion (government bailout and changing spending patterns).
The wealthy will forgo eating out, expensive vacations (will do closer to home and cheaper options), etc. But they will increase spending on durable goods (home remodeling, gardening, toys for the kids, boats, travel trailers, TV, maybe that new car earlier than planned) and even larger increase for entertainment services (Netflix, HBO, video game subscriptions). Of course all of this will be less spending than they were previously doing.
I have already seen this trend heavily among family and peer groups. No $8K trip abroad this year, but willingness to spend $4K on "stuff" that is outside the normal spending and considered a new hobby.
|
|
jerseygirl
Senior Member
Joined: May 13, 2018 7:43:08 GMT -5
Posts: 4,746
|
Post by jerseygirl on Jun 23, 2020 13:47:30 GMT -5
|
|
TheHaitian
Senior Associate
Joined: Jul 27, 2014 19:39:10 GMT -5
Posts: 10,144
|
Post by TheHaitian on Jun 23, 2020 14:34:20 GMT -5
Most of their spending (for lower income) is for things they cannot cut back... while the “rich” a lot of their spending is with disposable income and things they can do without dying this time. My single friends (that are RICH for this study) have seen more money in their accounts because they have not been eating out 3-4 times a week, taking ladies out 2-3 times a week, taken trips (one friend did just go to Vegas and said F it to Corona). But if 90% of your income is already spoken for by bills, recession or not, if you still have a JOB 90% of your income is still going towards BILLS. That is the sweet spot I am working on getting too: less of my income being committed to set bills and have more disposable income that I can cut the fat from. Even with taking my brother in, grocery bills going up, we as a family have seen some increase in $$$ left over: - no more ballet for my daughter - no more gymnastic for my daughter - we had already paid tuition for the year and opted to not get a refund and let her do virtual classes - no summer camp (we got that money back). - no eating out , easily $150-200 each time - no outings around town to go to on the weekends - we cancelled our beach vacation - we cancelled our trip to Florida in May and trip to Montreal in August (both for weddings that were cancelled) - cancelled trips to NY/NJ to attend 4 separate graduations parties and events (my brother, my wife cousin and 2 other cousins) It adds up....
|
|
Deleted
Joined: Apr 18, 2024 16:35:52 GMT -5
Posts: 0
|
Post by Deleted on Jun 23, 2020 15:18:03 GMT -5
Well, I'm not going to be spending real cash on travel for a long time.
I was already sitting on two IOUs: one from American Airlines for $1,000 after I cancelled the trip with my two granddaughters to Chicago we'd planned for early May, one from Delta for $600 as a fare decrease when I rebooked my flight home from South America in March (the airline later cancelled that flight completely and processed the actual fare of $1,000 as a refund) and, just this AM, I got a note that I'll get a credit of $5,800 for the portion of the South American tour that was cancelled plus another $500 "just because". Departure date on that one must be by the end of 2022. The tour company, Overseas Adventure Travel, is based in MA and I have read that law in MA requires cash refunds but rather than make a stink and insist I'm accepting that. I love the way they do business (support local businesses and craft people, part of their profits go to a foundation that supports schools in the areas they go, guides willing to answer questions about anything in the country even when the answer isn't pretty). I really hope they pull through this and not just so I can use the credit.
So... when I feel safe traveling by plane again (and it may take a vaccine to do that) I'll be traveling but it won't be reflected in the statistics. I just hope the various travel providers stay solvent. There's going to be some robbing Peter to Pay Paul for awhile.
|
|
Deleted
Joined: Apr 18, 2024 16:35:52 GMT -5
Posts: 0
|
Post by Deleted on Jun 23, 2020 15:52:41 GMT -5
Fauci said today 6% of vaccines make it to fruition and the typical vaccine takes 7 years. They also admitted people shouldn't be told to "wait for a vaccine" because it's likely one may take years or not ever be possible.
|
|
thyme4change
Community Leader
Joined: Dec 26, 2010 13:54:08 GMT -5
Posts: 40,371
|
Post by thyme4change on Jun 23, 2020 16:18:44 GMT -5
Fauci said today 6% of vaccines make it to fruition and the typical vaccine takes 7 years. They also admitted people shouldn't be told to "wait for a vaccine" because it's likely one may take years or not ever be possible. Poor Fauci. Lauded as the pinnacle of knowledge, but his information (although accurate) are inconsistent. I am not blaming him, as I understand the flow of this thing is not normal. So, let's look at these averages he has out there. 6% make it to fruition - which sounds dire, but that is 1 in every 17 vaccines. Given that we have heard of 100 or more groups working on it, it seems 6% is good news. Maybe 6 different ones will pan out. Average time of 7 years. The shortest is 4 years. However, researchers have been sharing information like never before. The workflow on developing and testing these vaccines is drastically different than the normal process. We also have a bigger base of knowledge than ever before, as far as types of vaccines and how this stuff works. Optimism has a place here. But, they can't seem to get an HIV vaccine going, and the flu shot isn't a perfect science, so there are no guarantees. Fauci has said before New Years. He has said March 2021, he has say late 2021. He isn't a time traveler - so he doesn't know. So many variables. Hard to know what will happen.
|
|
pulmonarymd
Junior Associate
Joined: Feb 12, 2020 17:40:54 GMT -5
Posts: 7,365
|
Post by pulmonarymd on Jun 23, 2020 16:24:26 GMT -5
|
|
movingforward
Junior Associate
Joined: Sept 15, 2011 12:48:31 GMT -5
Posts: 8,358
|
Post by movingforward on Jun 23, 2020 19:46:58 GMT -5
I'm looking at booking a trip in late 2021 or early 2022. I really want to go to New Zealand but have no one with the money to travel with me so I may end up joining a group tour. Not my favorite way to travel but I might do it. There are some great deals right now for future bookings.
|
|
pulmonarymd
Junior Associate
Joined: Feb 12, 2020 17:40:54 GMT -5
Posts: 7,365
|
Post by pulmonarymd on Jun 23, 2020 20:05:16 GMT -5
I'm looking at booking a trip in late 2021 or early 2022. I really want to go to New Zealand but have no one with the money to travel with me so I may end up joining a group tour. Not my favorite way to travel but I might do it. There are some great deals right now for future bookings. I don’t think New Zealand is going to let anyone in for quite a while. Nor after what they went through to control the virus. Especially us, since we have no interest in controlling this
|
|
Happy prose
Senior Member
Joined: Dec 20, 2010 12:55:24 GMT -5
Posts: 3,227
|
Post by Happy prose on Jun 23, 2020 20:16:36 GMT -5
I'm looking at booking a trip in late 2021 or early 2022. I really want to go to New Zealand but have no one with the money to travel with me so I may end up joining a group tour. Not my favorite way to travel but I might do it. There are some great deals right now for future bookings. I don’t think New Zealand is going to let anyone in for quite a while. Nor after what they went through to control the virus. Especially us, since we have no interest in controlling this Ha ha....Florida doesn't even want us!
|
|
pulmonarymd
Junior Associate
Joined: Feb 12, 2020 17:40:54 GMT -5
Posts: 7,365
|
Post by pulmonarymd on Jun 23, 2020 20:22:44 GMT -5
I don’t think New Zealand is going to let anyone in for quite a while. Nor after what they went through to control the virus. Especially us, since we have no interest in controlling this Ha ha....Florida doesn't even want us! And we don’t want them now
|
|
movingforward
Junior Associate
Joined: Sept 15, 2011 12:48:31 GMT -5
Posts: 8,358
|
Post by movingforward on Jun 23, 2020 20:38:56 GMT -5
I'm looking at booking a trip in late 2021 or early 2022. I really want to go to New Zealand but have no one with the money to travel with me so I may end up joining a group tour. Not my favorite way to travel but I might do it. There are some great deals right now for future bookings. I don’t think New Zealand is going to let anyone in for quite a while. Nor after what they went through to control the virus. Especially us, since we have no interest in controlling this Sadly, you could be right. I was just thinking that maybe there would be a vaccine by that time and maybe they would let those who received the vaccination in. Too early to tell...
|
|
pulmonarymd
Junior Associate
Joined: Feb 12, 2020 17:40:54 GMT -5
Posts: 7,365
|
Post by pulmonarymd on Jun 23, 2020 20:42:07 GMT -5
I don’t think New Zealand is going to let anyone in for quite a while. Nor after what they went through to control the virus. Especially us, since we have no interest in controlling this Sadly, you could be right. I was just thinking that maybe there would be a vaccine by that time and maybe they would let those who received the vaccination in. Too early to tell... They will reopen when they are comfortable that they won’t import the virus. There will be no doubt they will require a vaccine to enter when they reopen
|
|
Deleted
Joined: Apr 18, 2024 16:35:52 GMT -5
Posts: 0
|
Post by Deleted on Jun 23, 2020 21:09:45 GMT -5
|
|
thyme4change
Community Leader
Joined: Dec 26, 2010 13:54:08 GMT -5
Posts: 40,371
|
Post by thyme4change on Jun 24, 2020 10:04:44 GMT -5
We look like idiots.
|
|