Do you think this recession will change the spending habits of people?

I certainly hope it will change spending habits! My country is in this mess mainly because people depend on credit for nearly everything and won't save for something they want. Most of the country is in debt and the average household owes about $7,000 to credit cards! If you ran a household budget like our country is run, you'd be bankrupt and in jail for debt evasion. If we can get back to real time spending, it'll be tough on the economy for a short while but will make us economically healthy in the long run. We also put too much importance on having more material goods than our neighbors. This is very unhealthy economically and spiritually and teaches our children wrong values.

Hi You have made a very good point here. This recession has already made me watch what im spending my money on as i want the most from my monthly wage. I do like to treat myself tho on things that have no relevance like mobile phones, this netbook and other crap i could probably do without. I didnt have any savings before the recession and now im saving what i can just in case we have a total meltdown and society goin backwards.

Our generation is not bothered about saving... All people of 21st century is bothered about liquidity, they don't bother if they don't have any saving... because saving don't generate money but investment does. So, this recession will not change habit of spending, but overall behavior of spending will get effected. Every step will be taken carefully, by investors and also by policy makers.

Yes definitely. With this downfall all over the world every person is cautious about the amount they earn and and the amount they spend because they have to save some funds for the future as well and so they are trying to minimize their expenses and save some funds for there future. I think everywhere same thing is going on. So it is true that recession has changed habit of spending money.

naa i dont think so.........as soon as the recession gets over and six months after it ppl will forget wat happened as always and start spending usually and buying on credit because human nature is such that we phase out the bad things as in not learn from our mistakes we do wat we always like to do...............lol

I definitely think there are some people who will learn from this recession. However, just like after the Great Depression, I think what has been learned will fade away. I think as each generation gets farther and farther removed from the financial troubles, they will remember less of the lessons we have to endure. I also dont think that this recession will have nearly as profound of an impact on people's habits as the Great Depression did. We arent any where near what the Great Depression was like! There have been recessions similar to the one we are in now within the last 30 years. People came out of the previous recessions and reverted to what they had done previously. Now they are in the same prediciment! I think that will happen again.

I think people will learn how to manage money, not only saving it some investments are recession proof they still yield earnings in difficult times so now people will buy what they need and save or invest the rest of the money on what can bring money whatever industry that is recession proof will be nice target for investment after the recession, because it promises non stop earnings no matter how low that's the good thing that will come out of this

hi friends yes i think there will be definitely a change in people spending money on purchasing things.i have noticed people,who are cutting their excess spending of money. people have become more cautious regarding spending money more than before,they spending money on the things which are important to them rather all shopping.they have become less shopaholic.thinking of saving the money. byeeeeee

I think the recession somehow changed the spending habits of people. They will now realize more the value of money and they will only spend with the more important things. Luxury are off the list for the meantime. In my case I always feel the recession because I have a baby. And we all know that babies has lots of needs. Anyway I am still positive that commodity prices will still go down. I always believe that this recession is only temporary and will just serve as a lesson to everyone to learn how to save.

I quite feel it will. Lol it'd be a blessing in disguise. In any case history repeats itself, doesn't it? On a more serious note, my reaction could quite be a mixed bag. This is because I've witnessed equal number of people on both sides. There're a few who're still their usual self and there are many who've realized that when the going gets tough, you need to adapt! Whatever said and done, one thing's for sure. Most companies have changed their overspending under the garb of 'cost cutting'. Here in India, I know many companies who've packed up the A.C's and coffee machines. They've also limited on the use of print-out papers. The pick n drop facility has also been made limited now.

Hi scheng1 !!! Recession has different effects on different strata of people. For the extremely rich and the rich-its just a passing phase and hasn't made much difference in their spending habits. For the upper middle class-its a matter of concern,but they know in some time they will surely get over it.This makes them careful in spending but after sometime they will be back to where they were. For the middle class-IT has definitely made a difference to their pockets and hence that reflects in theor spending habits.They have become concerned about savings now. Dangers of losing what they own is driving them to spend wisely and invest more ,save more. For the people just above poverty line ,things have become more difficult when it comes to purchasing food for survival as inflation shot up manifold. All in all,recession has made man conscious and aware of the fact that an economy is bound to go through equal or unequal shares of Ups and downs and hence one should be prepared for the worst. It has become an important word now with the youngsters 'SAVE' Because you don't know what the future holds!!!

Certainly! In fact people already have started spending wisely and making thoughful decisions in terms of their finances. My own experience! I have been a victim of recession and used to spend lke anything before. Now I always give a thought as to whether I really need the stuff I am spending on, whether its necessary to buy, and if answers to both these questions is Yes, then I also think about whether I can get the same stuff for a lower price elsewhere! One good thing out of this recession is that people have begun valuing money.

I think it will change and already has changed the spending habits of the "money conscious" people. However, there are some people who don't look at prices and just buy what ever they want. These of course are the people in debt or will be soon. It is difficult to learn to save money especially if you've become accustomed to a certain lifestyle. I think people must be raised to budget and learn at a young age the true value of their money.

If their spending habits do not change, they will result in foreclosures, money shortages, and worst of all the reality of being homeless or unemployed. This is probably the best time to search how to save money because if you are continuing those bad spending habits soon you won't have anything to spend.

I think it will change the spending habit of people.the peopel has now seen bad times. Many will be very cautious on spending.we have got lesson.

Yes I think the recession will change the way people spend and see money. People may not save more, but they will certainly spend less!

I think that it has already changed the spending habits of a lot of people. I know that it has us. we are watching every penny that we spend. and have cut out a lot of the extras. and we are saving more just in case we go without work again.

The recession actually has a good side to its ugly face. I believe most of us learned to save and to be conscious when it comes to our spendings. It taught us to be frugal and to be more diligent because in times like this, relying on only one income source will definitely be a disaster with all this instability of the economy.

Yes,it will change some people's spending habits because people get less money.They will not buy luxurious goods and take some luxurious hobby. For me, I am scanty all the time,so I always keep saving money.

Hm...this is a good topic to discuss on, thanks for sharing this out. Ya, i'm so agree that the older generations are much more careful and good in finance management. This is true that they've went through those hard times and really felt the hardship in earning every single penny. On the other hand, youngsters today are just too good and pampered that many of them seem do not know how to appreciate the things they have and some would not even care how the money in his pocket comes. Some people are just too taking things for granted. This recession is surely have the impact on all of us, but whether it will make those people change their spending habits will still be very depending on the awareness of themselves. Many of us who're from just moderate families will surely be more careful on the spendings and will try to save money in this current crisis.However, for those rich guys out there, i think it's just a little impact that won't going to change their habits.