Despite Global Slowdown, Venezuelans Continue to Shop Shop Shop

Shoppers in Venezuela seem un-phased by the global financial crisis, the socialist policies of President Hugo Chavez and the nation’s sliding oil income as shoppers continue to flock to Venezuela’s vast malls. Venezuela is home to many upscale shopping centers, which are doing relatively well compared to malls in the United States and Europe amidst time of credit crunches and mall closures.

Although President Hugo Chavez is known to encourage Venezuelans to be frugal and nationalizing large parts of the economy, many of his policies in fact fuel consumerism in a nation already outlandishly obsessed with designer brands and high-end cars. Fernando Mora, who owns a shoe-making business, said that he has a room full of purchases that he hasn’t “used once or never” who was also clutching a shopping bag from U.S. label Perry Ellis at Caracas Mall on Wednesday. Although the country is currently suffering a drop in it’s oil income, there haven’t been any large spending cuts and the malls continue to remain bustling with shoppers.