Credit crunch affecting festive spirit

This year, there may be fewer presents under the Christmas tree and children may have to settle for a few dirhams less from family members during Eid Al Adha.

Gulf News readers said the global credit crisis is putting a "serious damper" on the festive spirit.

Compromising on food and shelter is not an option, but holiday shopping is a different matter, according to Philip Norman, a Canadian expatriate.

The father of two said: "I am not a fan of unnecessary shopping. If I am going to buy a pair of trousers for my child, I would like to see the existing pair completely worn out."

But what does this mean for gifts, during festive occasions?

Norman said: "It depends on what I am shopping for and how big the purchase is. With rents as they are and increasing prices, everyone has begun to think twice before buying high-end products."

Even as parents juggle house rents, bills and fees, teenagers around the country are finding the need to tighten the reins on spending.

Aishwarya Bannerjee, a 14-year-old Indian expatriate, said: "My parents do not give me an allowance and I earn by tutoring other pupils. I know the value of money and think a great deal before spending it on things I don't really need." For Bannerjee, one positive result is greater resourcefulness.

She said: "The presents I give my family and friends are usually handmade, such as with origami. It adds a personal touch and is less expensive, too!"

However, for Naina Nair, an Indian expatriate, rising prices is an everyday reality that she would rather not think about.

"Recently, I bought my six-year-old son a videogame console and I plan on buying my 11-year-old daughter an MP3 player soon. The demands of our children do not stop, just like the rise in prices!"

Optimistic about the future, Nair said festive seasons should not lose their lustre due to the credit crunch.

She said: "I think the financial crisis is temporary and we should all enjoy life while we can. People should be able to splurge on occasions, especially for their loved ones."

Kenneth Daniel, a 16-year-old Sharjah resident, agreed.

He said: "This Christmas, I predict I will be spending a lot more than last year, but I will not compromise on the quality or quantity of products I buy."

Although the credit crunch has affected his expenses, Daniel said he has learned to live for the moment. He said: "In these times, there is no such thing as 'savings'. Life must go on and I am keen to enjoy it with whatever I have."

Have you shopped for the upcoming festivities? How has the global credit crisis affected your shopping habits? Are you compromising on the quality or quantity of products you purchase? Or have you found creative alternatives to cope with the financial crisis?