People are becoming more accustomed to spending less in their daily activities – this includes things like buying coffee at Starbucks. People will either visit less, or spend less when they visit. They also may decide to brew their coffee at home, which is much cheaper than buying it brewed at Starbucks. Shops like this will need less employees, will order less replacement inventory, resulting in manufactures needing to produce less.
People who actually HAVE jobs will be more productive in order to keep their present job. They also will be less likely to move to a different job when the one they have is stable. Most people will do what they can to keep their current job and less likely to retire early. Less jobs will open because people will work longer.
The population age groups will be different years from now. People are electing to NOT have children, which, in a few years, will result in less demand for the things kids always need, and always outgrow. People will not have the need to buy new shoes for their children every year, not need new clothes, car seats, dental needs such as braces. This will be because there will be less children who need these goods and services. This will result in less manufacturing demands for these items. For example, adults who buy themselves new shoes do not need to buy NEW ones for quite some time – kids who need shoes need them every year and sometimes twice a year because they outgrown the shoes. Products made for children such as movies, candy, clothing and the ‘must have’ commercial items will not be in demand with a population with less children. Just think about how much merchandising is done and sold when a new Disney movie is released.
People are discovering ways to not pay for things they used to buy such as movies. People are either watching them on tv for free, or using the library to sign out movies for free. Libraries are also good for finding the latest books, magazines, newspapers and audio CDs. As people become more accustomed to getting things like this for free they will be more reluctant to purchase these things if they can afford to in the future. There will be less demand for movie rentals, book manufacturing, and magazine subscriptions resulting in less demand for manufacturing of these items.
People are learning that they don’t always NEED the latest new product when what they have works just fine. This will especially true for big priced items such as cars and televisions. People will be less likely to buy a car or truck because it is ‘new’ or has features their current car or truck does not have. New cars or trucks will be less of a status symbol of ‘doing well financially’, they could be seen as being financially irresponsible or careless.
Spend less and brew your coffee at home.
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