I posted a query on LinkedIn, asking "What have you stopped buying as a result of the economic changes.
Here is one reply:
 "All non-essentials. But, like someone else said, those who are younger and don't have as much invested thus far such as property, house, retirement portfolios, etc. are probably more likely to buy whatever they want.

I remember being the same way. You believe you've got your whole future in front of you and even though the present may be a little bleak, you believe that you've got a lot of time (which is true) to save, invest, etc. for your later years.

We who are already in our "later years" may tend to watch our pennies and not take as much risk, already seeing our financial portfolios take deep plunges which may jeopardize our present and future quality of life.