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Originally Posted by tikogeek
Lots of WL are canceling their cards, cos biz is slow... Is this an strong indicator that our economy is going south?  |
It is an indicator for sure. However, whether it is strong or not, I think that is debateable.
The issue is that inflation has caught up with us totally unexpected in a lot of ways. And a lot of sinkie's have been caught unaware. Ok, maybe not totally unaware but a lot of people have been caught with their pants down. The good part is because a lot of Sinkie's have brought properties, that has helped avert a lot of issues at the same time. But time will definitely catch up with us even for those who have brought properties hedging on inflation.
For those brothers who are older, they will remember that $50 could go someways. I don't like to use cash per say, as in I value things in terms of gold, silver and even cigarettes or cans of drinks. For example, 2 years ago, I can buy 33 cans of drinks at 7-11, however today, I can only buy about 20 cans of drinks, which is essentially an indicator that things have gone up tremendously. Hence our local population is definitely feeling the pressure. I think that in turn is definitely affecting cheonging.
Also, here is the thing, previously, you can cheong in PRC for less than $200 SGD. Now, in PRC, in a KTV, that cost about $200 just for a one shot. How to not affect cheonging lei?