Question: Would you be spending your money on “luxury” items if the economy was declining? Why do you think people tend to think this way, that’s its okay to waste money on lipstick instead of bills?
Personally, I do not have much extra money left over after paying for my bills (rent, electric, cable/internet, car, cellphone, groceries etc) so the answer for me would be no I would not be spending my money on luxury items. Even if the economy is good and I happen to have more hours at work and extra cash I will not spend my money on luxury things unless it is a special occasion such as someone's birthday or a holiday. I think a lot of people go by their own personal income even if the economy is declining they might have the money to spend on unnecessary things. Also, I know a lot of people that are very high matenience and buy things even if they can't really afford it to keep up with their lavish lifestyle. Another reason could be that people may feel depressed or less happy if the economy is bad so they might go out and spoil themselves on smaller but still expensive items to make themselves feel better or fill that void that economy decline may give some people.
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