The Associated Press reports that a "Depression Era" mentality is taking hold among consumers. This matters to the overall economy since 70% of Gross Domestic Product (GDP) growth depends on consumer spending. Maybe this is good news because it will make people care more about spiritual matters, and less about material ones.
AP bolsters its consumer mentality shift with excerpts from a Nielsen survey that interviewed 50,000 consumers by e-mail during the first week of June. The survey found that
- 63% of consumers are cutting spending due to rising gas prices, up 18 percentage points from a year ago;
- 78% of consumers are combining shopping trips;
- 52% are eating out less often;
- Consumers are cutting more coupons;
- They do more of their shopping at super centers; and
- They buy less expensive brands.

The earnings season continues to roll on, and next week's results offer a peek at the state of fashion retailing, as a variety of companies -- from the discount to the upscale, from the hip to the pedestrian -- are scheduled to report earnings.








