A while ago, I published a blog post on startling assessments of consumer spending put together by Alix Partners (this is the post - Some Chilling Projections). A former MIT student that I know works for the company at the Tokyo office.
Since 2008, my view is that US consumer spending has undergone structural change.
The following quote further supports my assessment, and highlights the difficulty in making the assumption that consumers will lead the US economy out of a slow growth mode:
"A Gallup poll showed Americans spending an average $62 a day in October in stores, restaurants, gas stations and online–up from $59 in September, but far more chastened than the prerecession $81 to $114 range in 2008."
Tan, Kopin, 2010. Preparing to set sail on QE2. Barron's, Oct. 30.
There is a long way to go regarding US economic recovery!
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