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FREE ADVICE: Shopping & The Recession

Here is some free advice from our money expert Marina Shifrin that she wanted all you HC girls to know!

The economy is crappy — there is no getting around that fact. Luckily, college is the best place to be during the recession. Real-world worries are a few years away, and you can just distract yourself with midterms until then.

The poor economy has affected basically everyone, but recently Reuters reported that it is also affecting the fashion industry. Fashion can be a big indicator of how the economy is doing and this year’s New York Fashion Week is no exception. Customers are changing up shopping habits in order to accommodate shrinking budgets, and designers are well aware of that. In order to keep business booming, designers are changing trends to keep up with their customers needs. Here are some of their alterations:  

  • More shoppers are looking for “wow-pieces.” They want their clothing to make a bigger statement. Value is a big factor in the decision to purchase a particular item. Those shopping sprees where you don’t check the price tag are a thing of the past.
  • Women are more likely to buy a lower-priced, quality piece than a splurge piece. Even basic pieces are beginning to be pimped out with little details to make them unique and give them extra flair.
  • Women are more contemplative when deciding on a purchase; meaning they invest more time in their appearance and how they choose to dress. 

As writer for MyBankTracker.com, I have noticed many people trying to make their lives as normal as possible while slashing spending. Many questions we receive at the site are about how to save while spending. That’s why we decided to launch Bargain Tracker, an easy way to find coupons and discounts on brand names.

New clothing is a luxury for many people, but it is something that women should invest in. Being dressed appropriately can impact your confidence and how you are perceived but can easily empty your bank account. Here are some wallet-friendly shopping tips:

  • When going clothes shopping it is best to wait for end-of-season sales so you can still get what you want while paying a discounted price. Just think ahead to what you need for summer during the fall and you’ll find some pretty awesome deals.
  • If you fall victim to random shopping sprees a good way to curb your inner shop-a-holic desires is to save up to buy one outfit for events, i.e. close friends’ birthdays, family gatherings, holidays etc. Other than that, stay away from the store.
  • Go shopping on a Thursday night. This is the best time to get deals because stores are restocking on their items. Next time you go to a store and fall in love with a shirt you can’t afford wait about two months and go in on a Thursday. You’ll most likely find it at a major discounted.

Keep an eye out for bolder fashion this season as the recession pushes fashionistas to strike back with style.

Marina Shifrin is a New York based writer with a degree in journalism from one of the nations top journalism schools, the University of Missouri. In college Marina minored in business and became interested in finance. After graduation she became a writer for , a user-friendly site making it easier to find the best banks, interest rates, peer reviews, and community answers/questions about personal finance.Marina’s writing has been featured in financial blogs including The Frugalista Files and Free Money Finance. She also writes for AD60; an agency that specializes in web product development so that companies can get their digital projects off the ground quickly and successfully. When she's not getting lost in New York or at work, Marina likes to daydream about owning a dog, perform stand-up comedy and go for runs around Brooklyn. E-mail her at marina@ad60.com to ask questions about your career, money or Michael Jackson (she is well-versed in all three) or follow her at twitter.com/MARINAvsNYC.
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