Change reaction

For Rahul Varma, an IT professional, it was a conscious decision. Says Varma, 8220;My wife and I are shopaholics and we used to spend lavishly on clothes, movies, dining out and furniture. But I guess it8217;s time to keep such impulsive expenses on hold. Earlier I used to book an air-ticket to a nearby city like Hyderabad also. But today, I will think twice about how important is the trip and I may consider going by train also.8221;

Its not just the companies who are taking cost-cutting measures, its happening on the individual front also. Yashwant Bhogade, program manager, Infosys, says, 8220;Looking at the gloomy situation in US and India, I have become a bit more calculative in terms of expenses. For instance, I spend around Rs 8000-9000 only on petrol every month. I plan to cut costs here.8221;

Walking on the same path is Shadab Siddiqui, an e-commerce professional. 8220;My attitude towards money and the expenditure has changed a lot because of the volatility in the market. I am cutting down on unnecessary expenses. Like earlier I used to use my four-wheeler to go to a closeby market also, but nowadays I am mostly using my motorbike. I am planning to continue this cost-cutting habit till I am confident about the market,8221; says he.

There are also people who think that this whole change in the spending habit is more a psychological thing than logical. Says Shilpa Kulkarni, executive director, Aress Software, 8220;I believe that most people have a rough idea of what is happening globally. I don8217;t think that everybody is following the actual facts and figures. On a personal level I have not taken any precautionary steps but yes, I may in the near future. As it is it8217;s human nature to get affected with what is happening around you and you tend to follow what others are doing, consciously or subconsciously.8221;

Whether it is inflation or just a fear of recession, everybody can feel the heat. Nilesh Gothi, a dealer of white goods, Ankur Electronics, says, 8220;As a businessman I have not yet experienced any significant downward growth in terms of sales volume. Although I have noticed a sharp decline in the number of customers visiting the showroom.8221; But he agrees that there is a fear in the air and situation might be bad in the near future. Adds he, 8220;To be on the safer side, we have decided not to stock more products and are cutting down on various expenses like bonus. Also there are no expansion plans in the coming days.8221;

Nobody knows where the market or economy will head from here. But looks like, for the time being Puneites will stay away from the multiplexes, shopping malls, jewelers and of course the stock market!