For 20-year-old undergraduate Agnes Lin, the recession could just be academic.
The Nanyang Technological University first-year student has never been in need: She carries a $2,000 Louis Vuitton handbag to school and uses only Shiseido cosmetic and skincare products.
She carries around the latest mobile phone and goes on overseas vacations with her friends where she would bust $1,000 on shopping alone.
Twice monthly, she shops at her favourite stores - Topshop, Zara and Forever21.
Mum, a private tutor, and Dad, a businessman selling polythene bags, pay for her expenses.
Miss Lin is aware that Singapore faces a recession but the news does not bother her.
She said: 'I think it is okay for me to maintain my current lifestyle. I may be spending a little bit more than my friends but I don't think I'm overspending.'
At the moment, she has her eyes on the latest mobile phone in the market, the HTC Touch Pro, which costs about $700.
Although her mother has said 'no' to her buying yet another mobile phone, Ms Lin has an inkling she will still get it.
'I think my mum will still buy it for me. My birthday is coming up!' she said with a giggle. She confessed that since young, she has never run out of cash. Her parents give her money whenever she asks.
Since she was 16, her monthly pocket money has been $500.
She has an older brother, also an undergraduate. The family live in a four-room flat in Marine Parade.
She thinks a friend of hers, who is left with $20 to last until the end of the month, is silly to consider taking up a part-time job to earn some extra cash.
'I don't understand why she cannot just ask her parents for money,' sighed Miss Lin.
She will enter the working world only after three years but she is already planning ahead.
With her first pay packet, she will buy a $4,000 Chanel bag. 'After that, I will probably get more bags and watches,' she added.
This article was first published in The Straits Times on October 26, 2008.