Some interesting ideas here, some I agree with, some I partially agree and would love to see, and others I would be surprised to see.
People will cut back on “luxuries” and continue buying “necessities”. Of course, my necessity may not be the same as yours.
A lot of people view their $4 cup of coffee as a necessity, to the point of rearranging other spending to keep getting it. A lot of women view nail services as essential, although there could be a swing towards do it yourself. The nail industry is already pretty cheap, which could help it (relatively cheap) or hurt it (doesn’t have much leeway to price adjust downward)
Teenagers not working in California is a cultural thing that I don’t see changing. For one thing, teenage employment is generally highest in good times, and lowest in weak job markets. Buisinesses would generally rather hire young adults over teenagers. In a weaker job market wages are lower, giving teens less incentive to work rather than study, play sports, or video games.
I totally agree with an increase in beer consumption, especially cheap beer. I should buy some BUD stock soon…
I think we’ll see a lot less “junk” purchased… fad items, novelties, expensive gifts that people may want but not really need. People will keep buying flat screen televisions as the price of the technology keeps falling.
People that get laid off will dine out a lot less. People that keep their jobs probably won’t change much.
