I've found the idea that consumers will start spending less or change their spending patterns pretty encouraging. However, last week, Grant McCracken had a piece on the HBS Blog arguing that there is no new normal: consumerism is driven by deep-rooted cultural motives, not just greed, vanity, or desire for status. I think his article is worth a read. He also makes reference to a book on "Shoptimism" which seems to dive deeper into many facets of consumerism and retail consumption, and supports the prediction that spending will start again once confidence and credit come back.  Sigh.