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 | The Arc de' Triomphe. Paris, France October 19, 2006 |
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« Sketches Of DCA's Future | Main | More On The DCA Preview Center » October 11, 2008"The New Age Of Frugality"BusinessWeek's cover story this week is called "The New Age Of Frugality", and it's all about the changing habits of American consumers (podcast here): Ingram and Behre are harbingers of a dawning Age of Frugality. People who overconsumed during the past decade are now rejecting extravagant lifestyles. They're spending less, and more wisely. Some are getting their finances in order. Others are fearful of losing their jobs, shocked by investment losses, or hunkering down amid the general uncertainty. I have to say, this describes everyone I'm talking to right now. Elaine and I have been making some changes in our lifestyles (that Disneyland trip will likely be our last for some time), and I've been interested to hear how many of my peeps are doing the same. Rather than dinners out, friends are suggesting dinners in (or potlucks); people are riding the bus, skipping the morning Starbucks, and so on. Suddenly, frugality is cool. My friend Brian and I got in to a long discussion about what these changes, if they broaden and stick, will do to the larger economy. Our consensus was that mass-market, low-cost necessities providers like Wal-Mart and Costco are going to be fine, as are firms like Apple that make good-quality, differentiated products. However, a lot of other firms - American car companies, for example - are in for a rough freakin' ride. The next few years are going to be really, really strange, I think. What are y'all doing? Posted by Gavin Shearer at October 11, 2008 4:27 PM. Posted to Cool. « Sketches Of DCA's Future | Main | More On The DCA Preview Center » |