Businesses See Spending, Sales Slump

Sunday, November 16th 2008, 1:06 am
By: News 9

By Jacqueline Sit, NEWS 9

OKLAHOMA CITY -- With a looming economic slump, many people are cutting down on their spending, especially when it comes to treating themselves.

Anthony David is seeing a slow down at his salon these days, but at his Academy, it's a different story.

"Within our school, business, it  picks up because the prices in our school are a little bit lower," David said.

The popular hair academy is seeing a 20 percent spike in customers coming in for a cut or color, but their visits to the salon are getting cut back.

"Even the people who come in frequently, like three weeks, will stretch it out to five to six weeks," David said.

Next door to David's salon and academy, Tiffany Nguyen, owner of U.S. Nails, had no choice but to cut half of her staff. She has also faced a shortage of customers, like many similar businesses throughout the metro.

"We kind of slowdown now, usually by now around the holiday time, we're really busy," Nguyen said. "Usually they come every two weeks, but people go three, four weeks, maybe even longer."

So what are Oklahomans still spending their money on? Home entertainment is what people are after.

"It's slow, but it's steady," Josh Bouye of Randy's Music and Movies said. "With movie theatre prices rising, you know people don't want to pay $10 for a movie when they can come rent one for $4."

But some business aren't facing economic woes

"I think in the last six weeks, we've seen a 20 to 30 percent increase," Chris Brown of Pinnacle Gym said.

Pinnacle Gym is seeing a spike in memberships as many people turn toward the gym to deal with the added stress of the economy.

"I think your health is a small investment that often times has such a big return," Brown said.