On October 9, 2009
New Frugality Is Settling In, Nielsen Contends
We’ve heard a lot about the New Frugality lately, but is it fact, myth or hype? Walmart’s Mike Duke helped establish the idea that the American consumer would be fundamentally changed by experiences in the recession, and he posited a state, referred to as the “new normal,” that was emerging from the financial wreckage littering the economy after last year’s Lehman Bros. collapse, one he said would stick with us. Others have picked up on the theme, and terms such as frugal consumer and new frugality have become points of discussion in the most severe economic retrograde since the Great Depression. Specifically, those terms tend to come up when the discussion turns to how the recession is likely to affect…
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