The financial crises of the world have already altered the way we think and value money. It has become more valuable, in terms of what we spend and how we spend it, in a climate of global uncertainty.

Even our economic system is changing, Western Capitalism is already being tweaked and modified and as a result, gone are the spending and credit booms of the 1980s, 90s and early millennium.

So what of Christmas, the most consumer-driven holiday on the calendar? It is still November, yet decorations are already out, as are the roundabout light displays. The usual proliferation of Christmas shops has started.

But the question remains, will people be spending as much this Christmas as they have done in the past? The answer will probably be; no. There is absolutely no doubt that spending power has decreased, coupled with the fact that although Malta is in a fairly strong position, there are niggling doubts.

The financial crisis is on our doorstep. In fact, we are surrounded by it, a small bubble in the middle of the Mediterranean, which is faring well while the rest of Southern Europe quakes and wobbles.

Although we often accuse ourselves of being insular, the general public is mindful of what is going on in the financial world, and often, without even doing it consciously, people become more thrifty with their cash.

Whatever the case may be, Christmas is approaching. It has been a very trying year and the holidays should allow a brief respite from the everyday pressures which have become the norm. Perhaps this year, a bit of the traditional meaning of Christmas might come back into play. We often forget that this is a time for family togetherness, inspired by the religious feast of The Nativity, the birth of Jesus Christ.

It is one month away, and people have already started their shopping and planning for events, dinners and get-togethers. Whether the retailers will get the bumper run-in to Christmas, remains to be seen. We are sure that they will make a decent return, but expecting the usual spree, might be a bit too optimistic.