Consumer confidence is not the issue. What appears to be happening is an awakening; there is a dawning realization that we have come to expect far too much, desire more than necessary, and, just perhaps, don’t need anything right now. A primary element of this ‘re-centering’ process is facing the reality that perhaps the car is acceptable for another three years, the house will suffice for another ten years, and we just don’t need that four-wheeler or motor home. For America’s vast middle class, the past three decades has been a time of plenty. Most have homes, furnishings, cars, TVs, and all types of assorted toys. It would appear that many folks are achieving a new comfort level with what they have and are delaying any expenditure that is not essential.
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