Consumerism and the economic downturn

This is what Walmart's CEO had to say:

Scott said this downturn may fundamentally change people's spending habits.

"I'm not necessarily convinced that just when all this liquidity and things hit, if you're going to have the same immediate desire to go back to consumption and debt," he said, referring to a potential U.S. government stimulus plan.

"There are a lot of young people who have learned what it's like when you are living on the edge and the bad times come."

Consumers may not be as inclined to splurge or accumulate debt after having lived through such a difficult economic period, he said.

(Excerpted from NewsDaily)