DINESH RAMBALLY
THIS CHRISTMAS season, as the last few, has been marred by high crime rates, economic uncertainty and rising costs. Retailers find themselves grappling with a disheartening reality – a significant dip in Christmas sales. The cheer and merriment typically associated with this time of year are overshadowed by a perfect storm of economic challenges, leaving both businesses and consumers in the lurch.
One of the primary contributors to the dismal sales figures is the surge in crime rates that has plagued our communities. The spike in thefts, robberies and vandalism has created an atmosphere of fear, discouraging shoppers from venturing out to crowded shopping centres either during the day or night.
Retailers, still reeling from the impact of the covid19 pandemic, now face an additional hurdle as potential customers opt for online shopping or simply stay home to avoid the risks associated with high-crime areas. The government has all but absolved itself of all responsibility. Visiting an ATM has now become a high-risk activity, and apart from robberies, skimming is now more prevalent.
Uncertainty regarding the government's economic plans has cast a long shadow over consumer confidence. The lack of a clear roadmap and consistent policies have left businesses and individuals alike hesitant to make significant financial commitments. Consumers are holding onto their wallets, unsure of how future economic policies may impact their financial stability, leading to a cautious approach towards holiday spending.
The continuing shroud of secrecy concerning the revision of the gas deal with BP and the fairy tale of the Dragon gas makes one think that the government is not being upfront with the population.
For many households, the burden of increased insurance rates has translated into less disposable income. As insurance premiums soar, families are forced to tighten their belts, diverting funds away from holiday shopping. The ripple effect is felt keenly by retailers, who see fewer customers willing to splurge on gifts and festive indulgences.
With utility rates poised for an upward trajectory, consumers are desperately attempting to save their funds to buffer against the impending rate hikes. The fear of higher energy bills and other essential services has prompted individuals to prioritise saving over spending during the holiday season. This shift in financial priorities has left retailers grappling with diminished foot traffic and lacklustre sales.
Was the splitting of T&TEC into power transmission and power generation really a good idea? How effective was this move and how much did the government save? Is the population now paying for this error?
The only narrative emerging from the lips of the Minister of Finance is tax, tax and more tax. Certainly, these are not very reassuring words to build consumer confidence. The looming uncertainty surrounding property tax has added another layer of anxiety for consumers. Faced with the prospect of increased tax burdens, individuals are adopting a
