(last sentence in OP)
There are significant indications that being frugal is coming back in style.
(My Scottish-Irish Yankee mother who still keeps every piece of aluminum foil, plastic bag and rubber band she ever aquired is suddenly hip!)
Two articles that make the argument:
Conspicuous Consumption, a Casualty of RecessionIn just the seven months since the stock market crash, the recession has aimed its death ray not just at the credit market, the Dow and Detroit, but at the very ethos of conspicuous consumption. Even those who still have a regular income are reassessing their spending habits, perhaps for the long term. They are shopping their closets, downscaling their vacations and holding off on trading in their cars. If the race to have the latest fashions and gadgets was like an endless, ever-faster video game, then someone has pushed the reset button.
“I think this economy was a good way to cure my compulsive shopping habit,” Maxine Frankel, 59, a high school teacher from Skokie, Ill., said as she longingly stroked a diaphanous black shawl at a shop in the nearby Chicago suburb of Glenview. “It’s kind of funny, but I feel much more satisfied with the things money can’t buy, like the well being of my family. I’m just not seeking happiness from material things anymore.”
…more…
http://www.nytimes.com/2009/03/10/us/10reset.html?hpFrugal is cool in cash-strapped USIn the grip of the worst economic crisis since the Great Depression, America has undergone radical changes. Greed is no longer good and luxury is a shameful word. Paul Harris in New York analyses the tests facing the new president of a shattered nation
This new America is what Barack Obama has inherited. It is in many ways a broken country. When Obama takes the oath of office on 20 January watched by millions of Americans, his burden will be heavy in the extreme. The scale of the disaster is so large that Obama being America’s first black president will almost be a historical footnote. The numbers describe the extent of the catastrophe best. Seven trillion dollars has been wiped off a stock market that has dropped 33%, its biggest fall since 1931. Two million jobs have disappeared, wages are frozen and millions have lost their homes. The Federal Reserve is printing billions of dollars to keep the economy afloat. Banks have been part nationalised and the car industry of Detroit - once the symbol of the all-American lifestyle - is on life support and may not see the end of 2009.
These terrible facts are accompanied by a profound cultural shift. The era of individualistic consumption that swept aside the Great Society of the 1960s has come to an end. For three decades, American culture has celebrated the glories of unabashed capitalism and the ideals of the rich. No longer. From Hollywood movies to celebrity culture to television, frugalism is taking hold. Consumers are cutting back. Luxury brands are falling by the wayside. Even the excesses of the sporting world, from the Super Bowl to Nascar, are being curbed.
A national belt-tightening is having an impact on everything from restaurants and books to a collapse in the demand for cosmetic surgery. The recession is reshaping the cultural landscape in which ordinary people live their lives. As it prepares to inaugurate a new president, America is also trying to forge a fresh identity in a world unimaginably different from the one inherited by George W Bush only eight years ago.
…more…
http://www.guardian.co.uk/business/2009/jan/04/us-economy-thrift-barack-obama