Post-Recession, Have U.S. Consumers Abandoned Their ‘Shop ‘Til You Drop’ Mentality

In the article, Post-Recession, Have U.S. Consumers Abandoned Their ‘Shop ‘Til You Drop’ Mentality, Kathleen Madigan discusses how many households are consuming less and saving more. The great recession is the reason for this change. Older Americans are choosing to spend less in order to prepare for another financial crisis. While the younger generation fears that they will never receive their social security forcing them to start saving earlier.  Madigan calls this the New Normal. The New Normal started after the recession. During this period America has experienced low consumer confidence and reduced economic growth. Experts predicted this would last for a short period of time, however, many were shocked when after six years, and these issues still remained. Though Madigan states this will be beneficial in the long run, however certain economists feel that we should take action immediately.