IT'S only the second day of Christmas but where is the cheer?
The bearish market shows little signs of picking up.
Fashion designer Marc Jacobs was forced to cancel his annual high-profile Christmas party this year, according to New York Times.
Though USA Today says Hollywood movie studios, usually recession-proof, are feeling the pinch and cutting spending, celebrities seemed unfazed.
Actress Jessica Biel told magazine Women's Wear Daily that she's not ready to give up first-class travel yet.
Batman actress Maggie Gyllenhaal said: 'I'm a foodie. It would not be right for me not to go out to eat.'
Oscar winner Hilary Swank puts her money where her beauty is, and will not forgo facials at Christine Chin's eponymous spa in New York City.
A session with Chin starts from US$250 ($370) and can exceed US$1,000.
Ex-wife of actor Dylan McDermott, actress Shiva Rose, swears by beauty brand La Mer.
Prices start from $225 for its signature Creme de La Mer to $3,600 for the Essence which comes in three 15ml vials. Purchase of the latter is by invitation only.
As for Francois-Henri Pinault, former fiance of actress Salma Hayek and chief executive officer of PPR which owns brands like Gucci, Bottega Veneta and Puma, he trusts his Jaeger-LeCoultre Gyrotourbillon watches. He feels they are a good investment and will last a good 20 years.
The Gyrotourbillon 1 costs 290,000 euros ($577,000) while the newer Reverso Gyrotourbillon 2 is 250,000 euros.
There are 10 more days of Christmas. What could be the best way to pamper yourself this festive season?
We talked to local celebrities and business people on what they deem 'recession-proof indulgences'.
David Gan, 47, hair salon owner
'In late November, I bought the bag I've always wanted: a 50cm black Birkin from Hermes. It's made of calf leather.'
He also has a 50cm black Kelly and a 45cm black Lindy, both made of calf leather.
'I won't stop buying because of an economic downturn. My friends say I'm mad. But my philosophy is, I've worked so hard and I should be able to enjoy the fruits of my labour and pamper myself a little. What if I die tomorrow?'
He is eyeing an apartment at The Marq on Paterson Hill, where every unit of its Signature Tower has a personal 15m lap pool.
'I've always wanted a house with an adjoining swimming pool. But, at $16 million, it's very expensive!'
Jamie Yeo, 31, TV host
'It sounds extravagant but I bought a white BMW Z4 six months ago. If I give it up now, I stand to lose even more.
'I am pretty thrifty. I've never spent on bags and I no longer spend on clothes.'
But the self-professed foodie is not prepared to give up on eating out.
'I live to eat and it is something I will not scrimp on. My favourite cuisine is Japanese. Tamon, En Grill & Bar, Akashi Japanese Restaurant are some of my favourite haunts.'
Gurmit Singh, 43, actor-host
'My household is known for being stocked with Haagen-Dazs ice-cream. As soon as we're down to our last pint, alarm bells ring and someone will immediately rush to replenish the freezer.
But one thing he will have to think twice about purchasing is a convertible car. He drives a Chevrolet Captiva now.
'I've been reading up on brands like BMW, Jaguar, Mercedes Benz and Aston Martin. But obviously I may have to hold back on plonking down money for one.
'But I'm most interested in a Ferrari. But they don't have 4-seater models. Too bad for me, I guess.'
Beatrice Chia-Richmond, 34, stage director
Beatrice and her husband, TV presenter Mark Richmond, have been travelling with their son since he was three months old.
'Recession or not, I'm determined my son, Sol, will see the world. My son deserves to see the world,' she said with a laugh.
The family of three recently went on a month-long holiday to London, Paris and New York.
Beatrice said: 'My mum came up with a fantastic idea to remember our holidays. She suggested buying iconic souvenirs from various cities and hanging them on our Christmas tree.
'So for our recent trip, I bought souvenirs depicting London's Paddington Bear, Paris' Effiel Tower and Santa Claus climbing a lamp post in New York, where there were already selling Christmas decorations in September.'
Beatrice is also not in the mood to give up her weekly massages.
She said: 'Mark and I go for massages at Siglap every Sunday night after we tuck Sol into bed. It's the only time both of us can spend time together.'
Jamie Cuaca, 34, shoe boutique owner
'I love food and two of my favourite restaurants are Tatsuya for Japanese and Ristorante Da Valentino for Italian.
'I've been going to both places for more than five years so they know my preferences. I think such diligence separates a good restaurant from a mediocre one.
'Not to mention, their food quality is always excellent. I usually order from its seasonal menu. Right now, Tatsuya is offering fresh salmon eggs and Valentino has white truffles which I love.
The immaculate fashionista also loves the classic It bag, Hermes Birkin. She has more than 40 Birkins in various sizes, colours and skins.
She said:'If I had to pick a favourite, it would have to be the 30cm Birkin in light pink crocodile skin.'
Next addition? A croc Birkin with pave diamonds on its lock and clasp.
'It's a Christmas present to myself.'
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