buying vs doing / things vs experiences

I went to a panel discussion last night for ideas about how to keep going when the going gets tough. It was no surprise that it turned out to be full house and from surveys conducted in the USA, the retail and property markets are hitting an all time low while F&B is generating revenue like never before.

People are not 'buying things' as much as spending on 'doing things'. Experiences trump tangible goods. Shops are closing down at an alarming rate as the amount of sales doesn't justify the amount of rent and overhead costs retailers are dishing out to corporate developers. The notion of minimalism certainly contributes to the thought processes fof those who buy into the philosophy of 'Less is More'. The fashion revolution movement is getting a wider audience as we consumers are becoming more aware of our spending habits and the unethical dealings in the poorer countries; as well as the negative impact on the environment at large.

There was this new dining place currently opened just down the road where I live and I asked the owner why she decided on F&B / catering as opposed to a retail shop. The answer was pretty straightforward: people don't need another pair of shoes but they need to eat! Families are eating out more these days especially for those with full time jobs which leave them hardly any time to cook and relax after work. 

Be honest with yourself: does consuming something actually fix a problem or make life better? I have a library of books bought brand new from both the local bookshops and Amazon gathering dust on my shelves so I definitely don't need another book for a long long time. No more bookstore visits. Rampaging my cabinet to find a whole lot of toiletries of different brands accumulated over the years is shocking. I wouldn't need to stop at my local pharmacy for no reason unless I need Panadol.  It's great to remind myself that there is a 7-11 store somewhere nearby so I can usually purchase something urgently the last minute and hence avoid impulse / bulk buying.    

Evolution has brought some new programming to our psyche. FOMO is one of the reasons for consuming whatever is available for what we believe is 'survival'. Would you die because you miss a couple of posts on FB or have accidentally deleted an email from an advertiser trying to sell you the latest beauty gadget? Personally I have on average 30 emails that go to my spam folder on a daily basis and I only subscribe to newsletters which align with my vision, my values and my lifestyle. Instead of spending on material goods like there is no tomorrow, I am more likely to invest in e-courses , seminars, networking events, etc...which is bound to create more future value than it costs to acquire right now. I have a virtual marketing assistant helping me with social media management. I buy credits to use in a job bidding service. I am paying for new and useful technological gadgets to help with my business. A tripod, a mic, and a course on videoing is probably next on my list.