I believe so; we hear many accounts in the news of people tightening their belts due to lost jobs leading to smaller income (or having to take a pay decrease) and thus needing to reevaluate their way of life. The economy definitely made consumer spending drop, and now that it is recovering, perhaps people will revert to their old ways.
Absolutely. In addition to spending less, it’s about using more of what you have. Finding creative ways to extend the dollar, and also extend the resources.
As David Owen writes in The New Yorker, economic recession highlights the relationship between consumption and prosperity and illuminates the corresponding dangers inherent in our energy policy. He points out that in 2008, when oil prices spiked, gasoline consumption in the U.S. fell by nearly 6%. “That was the result not of a sudden greening of the American consciousness but of the rapid rise in the price of oil during the first half of the year, followed by the full efflorescence of the current economic mess.”
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