Skip to comments.The American Consumer Meets Minimalism: How This Recession Will Change the American Consumer.
Posted on 09/01/2009 5:51:29 PM PDT by Lorianne
Is the American consumer forever changed? Did the current recession alter the seemingly unrelenting spending machine known as the American consumer? From early indications, it looks like some habits will be changed for a very long time. This is a big shift given the nearly endless round of bubbles in the past 30 years culminating with the stunningly manic housing bubble. But many Americans are now feeling the credit withdrawal pains. For many, the endless stream of credit card offers has turned into a trickle and in many cases, a complete drought. Much of this is being brought about by a new found austerity and even shunning of consumption.
In a recent survey by Gallup, they found that 48 percent of Americans making $60,000 or less would be unable to make a big purchase if they had to:
(Excerpt) Read more at mybudget360.com ...
But there isn't any need for "end of history" style musings just because times are hard.
No, but just like the depression and WWII altered my parent’s view of life so will this alter people who thought the money tree was everbearing.
I’m not sure—it seems to me that there are some aspects of this recession that really might last forever. Those auto assembly line workers in Michigan are never going to get their jobs back, and may be too old, in many cases, to get new jobs even if there were new jobs available. I believe we may have a new permanent underclass of people who are chronically unemployed, not because they’re lazy but because there are no jobs for them. The economy may never expand again enough to absorb the 16-20% of the workers who don’t have jobs now.
Not with their work ethic and at the pay they are accustomed to. And I'm not crying any tears for them either. I despise unions more than I ever did and that's saying a lot! They have completely destroyed the manufacturing jobs in this country.
My spending is completely unchanged.
I’m still a parsimonious tightwad.
I drive used cars till they die, and keep the same furniture year after year. I wear fishing shirts and cargo pants for pretty much all occasions.
Hasn’t changed me. I’ve been a cheapskate for 30+ years.
Everyone else is just catchin’ up.
Use it up,
Wear it out,
Make it do,
... or do without!
Look at our two posts. I could’a just posted “What MrEdd said” and saved some electrons. What a spendthrift I am!!
Well, gee we would have more money if the government would quit taking it, eh?
LOL, I hear ya !