A Sign of the Decline of Conspicuous Consumption: Lawyer Uses Coupons
Conspicuous consumption appears to be on the decline, at least in Atlanta where social butterflies are wearing older dresses and even lawyers are trying to save money.
A story in the New York Times concludes the recession is affecting not only the stock market but also “the very ethos of conspicuous consumption.” The story says even those with a regular income are trying to save money by holding on to older cars and clothes and downscaling their vacations.
One sign of the times, according to the story, is the frugality of Atlanta corporate lawyer Jennifer Riley, who has begun patronizing restaurants that take coupons. Riley says big spending appears to be déclassé—at least in the short term. “I do think that maybe now it’s a little bit chic or something to save money, or to be pinching pennies,” she told the newspaper. In the long-term, she thinks Americans will return to their money-spending ways, the same way they began buying more gasoline when the prices went down.
Atlanta lawyer Monica Dioda Hagedorn, who is married to an heir of the Scotts Miracle-Gro fortune, sees another reason to refrain from big purchases. “It’s disrespectful to the people who don’t have much to flaunt your wealth,” she told the Times.
Some believe saving money is a moral plus for individuals, even though it may be hurting the economy as a whole. University of Georgia law professor Carol Morgan views the new fiscal prudence “as the right thing, as the moral thing to do.”
“Before, extravagance and opulence was the aspiration, and if we can replace that with a desire to live more simply—replace that with time with family, or time for spirituality—what a positive outcome to a very negative situation,” she told the Times.
