Quartz magazine describes how the American middle class has lost its taste for mindless consumerism. Companies in sectors as diverse as department stores, motor manufacturers and restaurant chains are being caught by surprise as consumers turn away.
As a result business models based on selling ever increasing amounts of cheap products are now being questioned as consumers look for better quality goods and experiences over volume.
This change in consumption patterns should concern both governments and businesses as the mindset the assumptions underpinning planning decisions, infrastructure provision and revenue projections are based upon known public behaviour.
Changed consumption patterns mean new business models, the old thinking is going to fade with the old customer mindsets.