Boomers, who have grown more affluent with age, are reversing dramatically their spending habits. (See Boomers Caught in Squeeze Play, Adweek.)
Cutting back on non-essentials has been a fact of life for my family the last several years. In hindsight, I'm glad we struggled to live within our means because now nothing shocks me. We let go of all the consumer traps long ago.
The commenters on the Adweek article provide a snapshot of where Boomers think the American economy is heading:
"....the reality is that a lot of US consumption has been focused on meaningless/worthless crap that can be quickly eliminated from our collective buying habits. How much Chinese plastic stuff do we really need? That goes for clothes, cars, TV's, etc. I have personally seen well-off families in my town cut 20% off their spending without breaking sweat.
".... but I am hopeful that we reinvent ourselves as a less consumption-based society/culture."
The changing fortunes of a huge buying segment could have the U.S. economy contracting for years. I, for one, believe this is a good thing.
Other references: Marketing Profs Daily Fix.
