With the title in mind, one should already know the outcome. I'm referring to North American consumers and the North American economy. Once every two years, I vacation with the family in Hawaii. This year we're staying on the Island of Oahu, in Waikiki - a reward for the kids getting straight A's in school, and to say thanks to my wife for being patient with me while I completed my MBA; anyway, it's May, and I've have never seen it this busy here. My hotel is fully booked, the beaches are packed, it's an hour wait minimum to get a table at any restaurant, and I feel like I'm in one long line-up during my daily 6am morning run (I'm training for the Scotiabank Vancouver Half-Marathon June 24). Hawaii is forecasting a record year in number of tourists visiting the Islands and a record in related revenues.
Europe is in recession, China's and India's numbers are sliding, and it seems like North American consumers are willing to dip into savings in order to keep on spending. Now I for one believe in living in the moment. In recent years I've seen illness sideline friends and family, including my own, so you can't take the future for granted; regardless, I've still planned for the future, cutting back a little on spending and setting aside a small amount every month (for vacations), for my retirement, and for future generations of my family, so that they will have opportunities.
I sure hope everyone is doing the same (saving for the future that is), because while I believe we're in for a happy ending despite the world's problems (like a Rocky movie), we may only be in the early rounds and so a bit more pounding is to be expected.
GB
