It is never good news for the economy when consumption slows down.
However, it is always useful to try to understand the dynamics of these changes.
A few days ago, The Economist published the results of an investigation carried out by the U.S Bureau of Labour Statistics. The institute studied changes in American private consumption from 2007-2010, that is to say, from the start of the American subprime mortgage crisis. Apparently, besides a reduction in private consumption, the crisis has also caused a remodelling of consumption. Among other things, I was struck by how spending on cigarettes has been reduced.
So, when the crisis is over, we may all be a little healthier. How can we manage this legacy? But above all how can we ensure that these positive changes, despite the dark times, become permanent? Can people and the governing elites learn a few lessons from the crisis? In the future, deliberating these issues may become a priority. But only once we have all made our best effort, in our respective roles, to emerge from the crisis.