Consumers have probably been spending less.

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And the talk is that even into March consumers have been out there spending.

FORBES

And, encouraged by their new-found stockmarket riches, American consumers have been on a spending spree.

ECONOMIST: Fuelling inflation?

To do this, consumers have been diverting income from spending to debt reduction.

FORBES: Yes We Can, But No We Didn't

Though America's economy has recently posted enviable growth rates, these have been kept up by consumers who have run down savings and taken on debt in order to keep spending growing faster than their income.

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The firm has been hurt by restrained spending, as consumers have taken longer to restock their supplies or have purchased cheaper products.

FORBES: Magazine Article

Until now retail stores have been essential for customer acquisition, but as consumers are spending more and more time browsing online and becoming increasingly open to alternative modes of purchasing, there is a real opportunity for innovation through e-commerce and direct sales.

FORBES: The Future Of E-Commerce: Bridging The Online/Offline Gap

They would love a bit of what you might call proper inflation - not the kind we have had recently, in which living standards have been squeezed by jumps in energy or food prices that cuts consumers' spending power, but the sort we haven't seen for years, pay rises.

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Hopes that spending by consumers in the thriftier parts of Europe would make up for lost exports have been dashed.

ECONOMIST: The euro-area economy

Carriers have been hurt by rising fuel prices and reduced spending on flights as a global economic downturn hits consumers' pockets.

BBC: Business travellers boost Virgin