The world today is not what it once was. We have amazingly advanced technologies, medical breakthroughs, and of course, the economy just isn’t what it used to be. No longer are consumers buying and spending as much or as frequently. Instead, consumers are spending much less than they ever have, which could be a result of all sorts of conflicts, including higher unemployment rates and inflation of the dollar. The fact is that consumers nowadays don’t trust the economic state we are in; an unstable economy often causes society to spend less.
While economists and history itself prove that the economy rarely stays in a steady-state for too long, everyone, especially businesses, are suffering because of the decrease in consumer spending. When consumers aren’t putting money out to buy products and services, businesses in every industry feel the brunt of a poor economy. One of the worst-hit industries has been the auto industry and hence, one of the worst-hit cities in America has been Detroit.
Detroit is known for Motown, rock, and automobiles amongst other things. Now, the city has become a prime location for proving just how poor today’s economic state really is. The business of all types of been affected. “Like any business, at first I saw a downturn, but because I’ve been in the area for quite some time, I’ve been able to push through,” says Dr. Joseph Serra, a Detroit area dentist.
The hope in Dr. Serra’s comments is a growing theme in the collective voice of Detroit businesses. Many of them are experiencing a seeing profits approach “normal”, pre-crash levels because consumers in Detroit and many other big cities have slowly but surely started spending money again. “Restaurants are busier and empty retail spaces are getting tenants. In talking with people, I think they have money and they’re tired of waiting for the turn-around, so they’re starting to purchase,” said Dr. Serra.
While the economy may slowly be on the rise as consumers begin to spend more and have higher faith in local businesses within Detroit, it’s too soon to say whether or not Detroit is completely out of the woods yet. “There are things in the news, both good and bad. I suppose it all depends on which you would rather listen to. Because the Detroit area is so heavily automotive-industry based, people’s perception of the economy rises and falls with that news. Lately, we’ve had great news from that area—the big 3 auto companies (Ford, Chrysler, and GM) are hiring people, and that’s always a good sign.”
One can only have high hopes that the city’s slogan, especially today, will continue to stand true: “Speramus Meliora; Resurgent Cineribus,” which means “We hope for better things; It shall rise from the ashes.”