With all of the changes in personal economic outlook do to high gas prices, high food prices and high everything-related-to-food-or-fuel prices, the majority of consumers are changing their spending habits and becoming more frugal. According to a news report by AP news, many of those new”frugals” are planning to remain frugal, even if their financial outlook improves.
The research company Nielsen Co, tracks consumer habits. It says that about 63 percent of consumers are cutting their spending.
In the AP article, former spendthrifts are taking drastic measures to curb shopping, such as applying shoe glue to a peeling sneaker sole, buying generic soups, combining shopping trips, eating out less often and shopping with coupons. There have been sharp declines to shopping at clothing stores, office supply stores and hardware stores, as people concentrate their money on the things that they need to keep going.
There is a depression mentality according to one public relations agency that has people really hunkering down and saving what they can. Everyone is trying to control the spending that they can, such as buying generic food because they can’t control bigger expenses such as heating oil or gas. But I still don’t see the majority of people saving buttons and living on beans just yet. At the moment, frugality is almost chic. at the very least, it is more acceptable.
Will this new frugality last? I think it all depends on how long a recession lasts, whether it ever gets to be a depression or not, and the future outlook. Some folks may rejoice at not having to make meals from scratch and buy used clothing, while others may fully embrace the frugal lifestyle and find that it suites them perfectly.
Some stores that have been hit by the lack of shopping will continue to try and entice us with good deals and incentives, while discounters will continue to make a profit as they appeal to new customers. Walmart says it is now starting to appeal to more affluent shoppers and plans to keep them. In the past these same affluent customers might not have been seen dead shopping there.
There is so much to share and learn about frugal living, and it can help you live a wonderful life. If you are new to the idea of living frugally, welcome. You’ll find a great supportive community here. And if you have been practicing frugal living for a while, then I am so glad you are here. You can add your support and expertise, as we all adapt to a changing situation and discover new ways to be frugal.
Mary Ann Romans writes about everything related to saving money in the Frugal Blog, technology in the Computing Blog, and creating a home in the Home Blog. Starting June 1st, don’t miss her articles in the Baby Blog. You can read more of her articles by clicking here.
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