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Wednesday, October 2, 2019

Is India heading for a recession or is it the millennial being rational?

There is a slowdown in the automobile sector and the sales did not boost up during the festival season 2019. Even with the government providing stimulus, the car sales didn't pick up.
There is another news about " sells Rs 750 cr worth of premium smartphones; Flipkart sees 2X growth on day 1" (source). Well that is a whopping 750 crore just for the premium smartphone by one seller in one day. And the total sales would be very much higher this festive season.
So, can we consider the slow down in automobile sector as a sign of an economic slowdown?

In my opinion, it is not. There are few factors that I can see.
The traffic in major cities are worse. You are simply wasting a lot of precious time driving through.
The cost of ownership of a vehicle is also increased. You have to buy fuel, find and pay for parking space, wear and tear, service and after all can be victim of road rage. Why should you take all this pain?
With the Uber like taxi hailing app, the convenience is much higher than driving own vehicle. You can get a cab any time, go anywhere, relax while in the cab, order food using app and by the time you are home, the food is ready. So why take the burden to own a car!
When more transport facilities like Metro, bus, taxi are available people tend to use them. Of course, you work hard in your office and why should you be punished till reaching home. Let the drivers do it. And you have the luxury of travelling in different vehicles everyday. No tension!
There is no wonder if more and more people are inclined to this way of life.

And what they need is just a smart phone. Get it in EMI, just like the house they bought or rented and use it until next festive season, exchange it with a latest model and life goes on.

Slowly, the world is moving to such a life. People are getting more conscious about the impact of burning fuel in global warming which is definitely happening. What is the point in having lots of money if you don't have anything to eat?
Live the life today, now! and having a small savings for future.
Avoid all the unnecessary tensions from your life. Instead of driving 5 km in 3 hours daily, get an apartment near by the office even if you need to pay more rent. Your time is precious. Use it wisely.

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