Entertainment for Christmas

Constant reminders of the current world economic state may be hard to dodge in our media-filled lives, but that doesn’t mean scrimping on luxuries – just a change in the kind of luxuries we consume.

The entertainment industry believes that sectors like video games and DVDs will be buffered from the effects of the financial crisis that are hitting many other industries. When the film Iron Man hit DVD stores on September 30 in the US, the same week that the $700 million bailout bill was in proposition, the movie sold a record 500,000 copies on Blu-Ray for the first week. Similarly, the new James Bond film Quantum of Solace, which opens in New Zealand today, pulled in nearly US$30 million more on its opening weekend in the US in mid-November than its predecessor, Casino Royale.

While there is no question many are tightening their belts on luxuries, it seems lower-priced entertainment is taking a bit shift to replace the luxuries of the past. While parents may have taken their children on a waterskiing holiday over Christmas in previous years, the trend this year may be buying a gift in the form of a Nintendo Wii console and a few supplementing Wii Fit games to virtually ride the waters.

With options for NZ shopping online just a click away, consumers are expected to buy up larger this year on in-home entertainment. Instead of buying a new car or taking a trip, consumers are moving to a more cost-conscious way of enjoying their disposable incomes, so don’t be surprised when you find yourself with more video games and high-def entertainment than you can shake a stick at this Christmas!

Image from Flickr.