Frugalality – The New US Consumer Trend?
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Is Frugality In?
The recession may have bred a new brand of American consumer, or rather anti-consumer. Apparently consumption is out and anti-consumerism is in. We did lose millions of jobs in the past several months, but many people who are adopting a frugal lifestyle still have a steady job which they do not fear losing. But they did lose wealth. Either investments dropped, housing values sank, savings rates plunged, or they certainly knew people who had that experience. Even if the value of assets are starting to climb back up, many Americans got the wake up call, and they are really working on spending less and saving more!
This is not all just my opinion, though I am aware of this trend. I see it around me though I live in a middle class to upper middle class suburban area. Yahoo Finance published an AP servey of top US economists which supports this conclusion. Two thirds of American economists, who study consumer behavior agreed that cheap is in!
Baby boomers may have been a particularly hard hit group. For most of their working lives, assets climbed at a steady pace. But over the last several years, they lost assets. Wealth dropped, either because of income loss, investments turning south, or simply because the value of their homes dropped.
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The Wealthy May Still Be Spending
In contrast to the behavior of middle or upper middle class people, the wealthy may still be spending freely. Cruise lines are beginning to report profits, and luxury auto sales seem to be keeping pace. However, the behavior of the wealthy may not be trickling down the economic ladder. And most of us are not in the class of people who buy $200,000 cars or cruise frequently.
Most of us may be more likely to repair our old car a few more times before we consider trading it in. Our vacations may be taken in the family auto the way our parents did. We have come to the conclusion those things give us good value for our money.
Green Feeds Frugality
The new green trend may be adding to the frugal lifestyle. We are looking for ways to recycle and repair rather than discard the things we use. While the 10 year old Dodge may not be the greenest car around, we are trying to balance the things we use. If you haven’t run out to buy the latest hybrid vehicle yet, you may have asked your local mechanic what you can do to save gas with your old car. And you may certainly be turning up your thermostat a degree or two next summer, getting those ceiling fans installed, and only running the dishwasher when it is full.
Are You Starting A More Frugal Lifestyle?
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[...] America has always been known as a nation of consumers. And yet the past recession may have changed us into a more frugal society. Top economist tell us there is a growing trend among the middle and upper middle class to become savers instead of spenders. You can read more about the analyst opinion here – Frugality – The New US Trend. [...]