If everyone stops being extravagantPeople earn money and then enjoy also and it is a trend seen all over the globe. There are so many avenues for spending like going on a trip, partying, fun and frolic events, celebrating festivals, observing grand functions, ceremonies, buying clothes, buying gadgets, going to saloons and spas, long drives, foreign trips, replacing old designed things with modern designs etc. These expenditures are what makes an economy vibrant and manufacturing process gets a boost because of the good demand in the market.
Let us just assume that people all of a sudden become money conscious and start thinking that they should not waste money in luxuries and should try to live in the minimum requirement ways and reduce their expenses considerably. I am talking of especially those people who are well off and can afford to spend money. If such a thing happens on a large scale what would happen to the economy and manufacturing segment and employment situation in the world or specifically to our country. Members may like to comment.