Great … just great. Seems baby boomers learned the concept of thrift just in time to screw everyone else. The “me” generation that’s known for its unprecedented consumption rates has suddenly hit the brakes on spending, and it’s hurting the wider economy’s chance for a recovery. From Daily Finance:
“Most analysts expected that, as baby boomers approached retirement, they would spend less and save more. However, no one could have predicted how quickly this would occur. Thanks to the economic downturn, the Woodstock generation has put the brakes on expenditures and companies are trying to react quickly enough to stay in business …Consulting firm McKinsey believes that this conversion to thrift could stifle the economy’s hoped-for rebound.”
Never thought we’d say this, but baby boomer self-indulgence is suddenly a virtue.