Changing Consumer Spending Patterns
A New Consumer
Remember those economic recoveries of the past? We're not likely to have a repeat performance now, writes StarTribune.com. With the unusually large cohort of boomers past their spending prime and the smaller cohort of Gen X-ers short on cash, not to mention the cultural shift in consumer attitudes about spending, the Great Recession recovery is bound to be long and slow.
"Chad and Kari Herrgott are on the front lines of the nation's tentative steps to get the economy humming again. With two young children (and two dogs), they're in their prime consuming years -- feeding and clothing a growing family, buying and furnishing homes, trading up to family-sized cars. Last week, after their vacuum cleaner sucked its last bit of dust, the Shakopee couple came looking for a replacement at the Warners' Stellian appliance store in Edina. The verdict: A slightly scuffed-up Miele floor model they bought for $250 less than the $699 price tag. "This is an extravagance for us," said Kari Herrgott, as 3-year-old Hailey vied for attention and Holton, 11 months, pounded the canister with a toddler's glee..."
