Baby boomers have been criticized for being the most self-absorbed generation in American history, spending too much and saving too little.
But America's love affair with consumption may be coming to an end, Daniel Schorr said today in his commentary on National Public Radio.
After the 9/11 attacks, patriotism and consumerism were linked. President Bush advised Americans to keep shopping.
Now, however, consumption is taking a hard hit in the current economic crisis. In a vicious cycle, hard times reduce spendable income, which reduces purchasing, which leads to company closings and layoffs, which leads to more reduced income.
Schorr said early prospects for a revival of consumer spending don’t look encouraging:
So things are changing drastically for the Baby Boomer Nation. It’s likely boomers will have to work longer, reduce consumption, and live simpler lifestyles.
And I sure can’t think this would be a bad thing. Oh, it would take some getting used to and I wish it had happened without us all losing our shirts, but the things in life that are most important can’t be found in a Best Buy.
As a recovering shopaholic (before this bust :), I got very tired of my stuff owning me. A year and a half ago, I rented out my house, got rid of a ton of stuff, put the rest in storage and moved in with a housemate who is now a dear friend. The lightness and freedom of it is so delicious that I’m renting my house out again! In a side note, it was hard to find a storage unit…now there is something wrong when we have to rent remote space to put all our stuff in. Cwazy!
I think we’ve forgotten how satisfying friends and simple pleasures can be. I’ve learned alot about that this past year and a half!
There is no doubt that everyone has been impacted by the shake up in the economy, and the boomers, along with other generations are becoming frugal. I work as a sales manager for Julie LaTerra Homes,a custom home builder in Charlotte, NC. The boomer clients that we see are doing their research before they buy. They are making sure that their new home has the rooms that they need and that the dimensions are exactly the right size, so that they can keep their aquare footage within their price range. They do not want to pay for rooms that they will not use.
We all need to live more simply in this environment. Stock market may have come up some, but many of us are still hurting and concerned about the future. I found a couple that really found a way to live simply at http://www.enjoy-retirement-jobs.com/simple-living.html – they got it right.
Thanks for your comments.
Allison, congratulations on recovering from your shopaholic habits. Mandy, it’s good to know that boomers are looking for right-sized houses. Dandan45, thanks for the link to the video about the Texas couple who live without electricity or running water. What a different lifestyle.
Rita