Frugal Habits

Waste Not, Want Not: Consumers Hang On to Frugal Recessionary Habits

The recession was a shock to everyone's systems, and as a result, more people have picked up frugal habits. According to a New York Times article, consumers have stuck with those thrifty ways post-recession.

One of the bigger saving trends is extending the life of products. For example, people are taking longer to upgrade cars and gadgets like phones and laptops; even daily hygiene products like toothpaste and shampoo are being used to the last drop. And this isn't just a temporary behavioral shift. Nancy F. Koehn, a professor at the Harvard Business School and consumerism expert, believes that this attitude will be permanent or long-lasting, because of insecurities about how reliable the government and major companies are in a financial crisis.

It seems like people are straying away from the shiny new things and opting for the necessities route. What about you? How often do you upgrade your gadgets?

Source: Thinkstock
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