How Job Loss Is Changing Our World

In years past, research revealed that there was an incredible hunger for – and a persistent pressure to buy – more and better material possessions by the majority of Americans.

The definition for “basic necessities” was continually rising to include internet, cars and home appliances once thought of as luxuries. But this year, for the first time, there is evidence that the bar is holding steady. Almost half (47%) of consumers interviewed say they already have all the possessions they need, up from 34% in November 2006, and three-quarters (74%) say that the pressure to buy more, bigger and better is not what it used to be.

Apparently, while the American dream still alive in 2009, huge changes in the economy have led to a re-thinking of priorities for most Americans and a fundamental shift away from materialism. Instead of trying to keep up with the Joneses, many now seem focused on simply trying to keep up with the mortgage payment, car loan and credit card bills.

Americans still view material goods such as a car, washer/dryer and residential Internet access as necessities. Yet some spending purchases are looked at differently. More than eight in ten (81%) Americans now view vacations as a luxury, up from 73% in 2006. Similarly, 91% see eating out as a luxury, up from 87% in 2006. Four in 10 Americans are even feeling “buyers’ remorse” about past purchases – wishing they had spent less and saved more over the years.

This is a good thing as not only do we as a people need to get out of the crushing debt we are living under – we need to get our government out from under it as well!