Cheap is Chic….Well it is about time….

I have been waiting for this for so long, but I am sorry that we are in this turbulant time, for people to come to this realization. Reading an article with the “Cheap is Chic” title had the following key points:

*Conspicuous consumption is out and frugality is in during recession
*Many who have money are being discreet with purchases
*Consumers want more bang for the buck in a tough economy
*With the economy in shambles and so many people losing their jobs and homes, it is no longer considered cool to brag about possessions and purchases.

“People have long used the way they shop and what they buy as a way to communicate with other people about their values, their tastes and their interests,” said Kit Yarrow, a consumer psychologist and professor at Golden Gate University in San Francisco, California.

“A year ago, what was considered the ultimate status symbol would have been the chicest bag or the most luxurious outfit,” Yarrow added. “Now what’s chic is being the most knowledgeable and efficient at saving money.”

Yarrow said that despite the tough economic times, there are many Americans who still have disposable income. Those people are choosing not to spend, she said, or making more thoughtful purchases.

“What I am saying is that we have moved from an era of conspicuous consumption to an era of considered consumption,” Yarrow said. “People at one time wanted to showcase all of the things they are buying and now they are stopping and really thinking about it.”

So now I am no longer “Cheap” I am “Chic”…..

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~ by debt2dreams on March 5, 2009.

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