I don’t know a lot about economics but I do watch consumer trends, and I will be watching closely to see how people react to our economic “crisis” as it affects their day to day spending. Whether or not you take any responsibility for the gross over-consumption of the last two decades, you are likely being affected by it now. So when you cut back on your spending, what will go first?
I ask this with the eco/green living trend in mind, a trend that has gathered so much momentum over the last few years. We have seen thousands of green companies emerge offering everything from carbon offsets to organic clothing and 100 mile diet markets. The green trend is alive and picking up speed, but it’s not for the bargain hunter. People have started to make better choices—like using their own shopping bags, filling up their own coffee cups and cutting back on energy at home. They are buying organic products for eating and cleaning because they want to make healthy choices for their families.
My fear is that the average Canadian will view green choices as a luxury. But the real question is will they march themselves down to the big box stores and load up on cheaper goods made in China instead? Will people decide to drink coffee at home before work or will they just switch from Starbucks to Tim Hortons? It will be interesting to see if we have all learned any lessons about consumption from our current situation.
What will your changes be?
Tagged under: Financial crisis economic crisis consumer reactions economy