The American Baby Boomer has powered the world’s economy since the 1950’s. They are the true consumers, whose idea for self-actualization was more, more, more. They had the optimism, wealth and borrowing capacity to feed their cravings.
Almost over night everything has changed for many of them. Their savings and house equity has been decimated, they now see their retirement is no longer within arms reach, and they fear losing their jobs. My question is that when we do pull out of this recession, will they again pull out their wallets? I wouldn’t bet on it, my belief is that you will see a more frugal consumer, who will tuck away more of their savings, in havens they can trust.
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March 31, 2009
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Yep, frugality will be the new friday. :-\
Posted by: Mark | April 01, 2009 at 08:45 AM
frugal Friday, i like it
Posted by: Bennett | April 01, 2009 at 02:34 PM
Maslow I believe saw self actualization as something more spiritual than a new television set, or another car. This economy will bring a return to family values, to experiences not stuff.
Posted by: Tony Chapman | April 01, 2009 at 04:46 PM