Mall culture is a new phenomenon in the India market scenario. Growing Westernization and the entry of multi-nationals has brought in the concept of consumerism. The IT industry has provided young people with fantastic pay packages, which they would like to spend on purchasing goods. Where else they would go, but to the malls.
In the United States malls dominate the shopping scenario. Customers spend hours browsing through them and purchasing goods. In fact, many spend their past time in these malls. Lonely people also find them a nice place to spend time.
The US is a consumer society and India is also fast becoming one. Spending money lavishly is the culture now. But what with the recession on? Can the regular visitor now spend as he or she pleases. Lay-offs and reduction in salaries have become the common feature now. Naturally, incomes have come down and these mall-goers have less money to spend. How does one perceive the mall culture scenario during recession?
Recession a set back to Mall Culture in India
- The malls look deserted now. Earlier, in normal times they would be bubbling with people. Of course, the extremist activities have also created this atmosphere.
- Goods are being sold at half per cent rate. Naturally with less takers, the sellers are forced to sell their products at a cheaper rate.
- Construction activities in these malls are also slower. Many of the popular malls took time to be built. Construction costs have gone up.
- The set back in IT industry had a tremendous impact on the mall culture. Many IT professionals were thrown out of their jobs and had to settle for lower levels of purchases.
- Deflation has caused a set back to those selling their products. The purchasing power having come down, there are less buyers in the market. Prices had to be brought down, and that in turn affects production. In the long run this would result in inflation.
Of course, the mall culture is to stay. Once the IT industry picks up again, the malls will be brimming with people again. No doubt, now perhaps, customers would be bit more cautious about spending.
