10 Reasons the Economy Will NOT Recover in 2010
Michael Shulman, October 16, 2009
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#4 Changing Consumer Attitudes
Not only are consumers not spending, their actual attitudes toward spending have changed. Even for the six people on the block who are flush with cash, frugality is the new chic. My neighbors, high-end Saab and Volkswagen types, just bought a Kia Sportage for their daughter (nice car, by the way).
This change in spending habits will not be a passing fad. Just ask Grandma or a neighbor who remembers the Great Depression how their parents changed after living though years of a terrible economy. Changes in spending became permanent and re-shaped the economy until the boom following World War II.
Frugal will be the norm in 2010 and beyond.
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