They say it every day, consumer spending, consumer confidence, retail sales and economic stimulus checks are the backbone of the economy. If consumers stop consuming the great depression comes out of the closet and eats us all. Scary.
Particularly as you can get most necessities of life, save food, at yard sales and thrift stores for pennies on the dollar. If everyone started doing this, (or just postponing the purchase of new stuff) we could see a big drop in consumer spending. Me, I have acquired a band saw, a VCR, a stereo receiver, a chandelier, wall sconces, tableware, clothes, a Minolta 35mm camera, lots of books and videos, lumber, skis, and hand tools in just the last two years. Satisfying that urge to buy stuff for very little money.
Can the economy withstand the shock if everyone did it?