The global recession may have landed in Malta but "needs remain needs" which do not seem to have been ditched as a result of the global financial turmoil.
At most, an element of caution has seeped in. While shoppers in Valletta are aware of a recession they are not doing away with necessities - living without them does not seem to be an option. It is more a question of "holding back" and taming indulgences, according to shop owners and consumers.
A recent survey by the Chamber of Small and Medium Enterprises, GRTU, had painted a somewhat bleak picture of shopping trends, with 92 per cent of mainly retailers saying they have been tangibly affected by the economic slowdown. They said less shopping was taking place and that shoppers were buying fewer luxury goods.
In fact, a busy jewellery shop was selling more in the way of presents than personal treats, the salesgirl told The Times. Shoppers were buying what they had to buy - gifts - putting their obligations first.
The owner of a costume jewellery shop said: "My clients have remained my clients but they are spending less. It is obvious; let's face it, so am I. If they buy the earrings and there's a matching necklace, they say they'll come back for it.
"I was planning to change my car but decided it was not the right time," she added.
And while weddings have not yet been hit - brides are still buying dresses - the owner of a bridal store in Valletta admitted they were being more cautious and thinking twice.
"Faced by too many expenses, they are sticking to their budget where before they would have been willing to stretch it," she said.
Sales assistants were not always vociferous, however, about whether they were feeling the pinch and some had to stop and think whether their businesses were being affected by the international financial downturn.
One clothes shop owner said business was at the same level as last year.
The salesman of a sunglasses outlet said he did see a decline in sales over the past couple of months but blamed the utility bills that have not yet been sent.
"Personally, I have not received a bill since October and I am expecting a big one, so it is influencing my shopping slightly. I also notice that food and clothes are more expensive. I would have expected them to go down in price during a recession as an incentive. Of course, I still have to eat and drink..."
From the shoppers' point of view, one Valletta woman, who was down to a three-day working week from five, could safely say she was feeling the pinch and was holding back "a bit".
"I'm getting half my pay, and my bills are killing me... If I have money, I spend it, and if I don't, I'm careful," she said simply, waiting for work to pick up.
On the other hand, the owner of a shopping complex and her friend were still living it up: "We've just been shopping for clothes.
We only turned back because some shops are still expecting their stock. Our lifestyle has not changed. We're still going out, eating out and partying!"
Then there were those who had not even heard of the economic turmoil and for whom ignorance, it seems, is bliss.
A hawker, dismantling his stall in Merchants Street at the end of a morning's work merely shrugged when he was asked if he was feeling the effects of the credit crunch. He had no idea what it was.