But with more economists believing that the current woes will last well into next year, many think the underlying frugality will linger.
Some Americans say their parents or grandparents affected by the Great Depression in the 1930s are still hoarding buttons and squeezing out several soup meals from ham bones.
"I shop cautiously," said Edna Sott, an 88-year-old New Jersey resident.
"I would say that is a hangover" from the Depression.
Marian Salzman, chief marketing officer for public relations agency Porter Novelli, cites a "Depression mentality" that is making people "rethink their optimism in the economy". The widening gap between discounters and mall-based apparel sellers was evident in monthly retail sales figures released last week.
The International Council of Shopping Centers-UBS tally of 38 stores found that same-store sales at discounters rose 5.1 percent in June and 9 percent at whole respond in big ways. Auto executives predict that consumers' newfound appreciation for smaller cars will be permanent, causing major pain at auto plants.
Toyota Motor Corp. was among the latest to announce a product overhaul, saying it will shut down truck and SUV production to meet the changing consumer needs.
Pizzini, 29, who lives in Pennsylvania, says his elderly Acura gets almost three times as many miles per gallon as the Escalade, whose lease he got out of through a company called LeaseTrader.com. Since last October, LeaseTrader.com has seen a 24 percent increase.
(China Daily via agencies July 23, 2008)
