Recession-istas

Nowadays, you can’t go a day without being reminded of the global economic slump – personal and corporate cutbacks are happening everywhere. But what does this mean for the women of the Jen-eration? This is the direst financial situation she’s experienced in her life – how is she handling it?

The gloss girls took it to an online focus group to hear what she’s saying and how the economy is affecting her:

• While 82 per cent of respondents indicated that they are currently employed full-time, 66 per cent said that they are not worried at all about losing their current job
• When asked if they have changed their spending habits in the last three months due to the current economic situation, 69 per cent say they have continued to spend as usual, however 62 per cent plan to become more cautious in the next three-six months. Thirty-three per cent say they will continue to spend as usual
• 93 per cent of respondents indicate that they are “somewhat worried” or “not worried at all” about the economy
• The top three items that Jennifer refuses to compromise on are clothing, hair care and entertainment. She also refuses to compromise on purchasing cosmetics.

The key learning is that Jennifer seems to feel fairly secure right now. She’s aware of what’s happening and will be taking precautions, but does not feel entirely threatened, likely because as a relative newcomer to the working world, she doesn’t have too much to lose from stocks, RRSPs and other sources of savings. She’s also still willing to spend on little luxuries for herself.