Consumerism has proved to be remarkably resilient. Yes, people from the U.S. to France to Japan said that they plan to forgo some luxuries, eat out less, and save more. But consumers in the world's richer countries also said that they intend to upgrade their consumption in the product categories that they care about most. Consumers, especially those members of the Millennial generation who are 18 to 34 years old, continue to place a high importance on brands. And they do the same for consumerism: majorities of those surveyed said that buying makes them happy and that spending is good for the economy and society.
Our findings suggest that the fears of a few years ago"”that prolonged economic crisis could permanently scar the consumer psyche and usher in a generation of retrenchment"”have failed to materialize. It is true that consumers in developed economies are still tightening their belts, and we don't expect the retail exuberance of 2006-2007 to return in the near term. But this is a symptom of the present economic condition, not some fundamental shift in peoples' desire to buy or a wholesale rejection of consumerism.
