Layoffs in the City will hit "Main St" Thursday, October 02, 2008
Image via WikipediaMany conversations I've had in recent days with friends/colleagues that have links to the City have included reference to cutbacks individuals/families are looking at making in their discretionary spending.
These changes are going to be fairly immediate as people seek to conserve cash. Examples provided to me included
- fewer nights dining out in restaurants
- fewer takeaways
- entertaining at home rather than meeting up in pubs
- switch to more basic foodstuffs from cheaper stores
- cancellation of home services e.g. gardeners, babysitters, cleaners
- deferral of household purchases e.g. TVs, Computers
- deferral/cancellation of house improvement schemes
- reduction/cancellation of satellite services
This is on top of the effects from the dramatic slowdown in the housing market that will directly hit not only estate agents, but also removal companies, painters & decorators, interior furnishing stores [curtains, furniture, carpets] and solicitors.
The effects of the dramatic events in the City are going to ripple out quickly and powerfully - be warned.