Will people's expectations 'lower' in the future?

[dls]

I'm curious as to whether or not folk's expectations of what is 'enough', with respect to houses, cars, appliances, etc, will 'lower' to more reasonable/modest expectations. I know everyone has their own concept of what 'reasonable' and 'modest' mean, but in the post-bubble, post-recession, economy will smaller houses, 'cheaper' cars (Hondas/Toyotas instead of Acuras/Lexus'), 'plain' refridgerators instead of stainless steel versions, etc, become (or revert to) normal/good enough?

It seems to me that during the easy credit / housing bubble era the expectation was that you had to 'step up' to the fancier appliances, luxury car, mcmansion, etc or you were a 'loser'. Will that mindset change?

[perfectfire]

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[SeattleMoose]

Yes expectations will be lower...but not because people suddenly become more evolved/mature/responsible/wise/etc. It will be due to purely economic reasons. And people will be kicking and screaming all the way down.....

Think of that proverbial monkey with its hand in the jar holding onto the marbles at all costs, in spite of the pending danger approaching.

On the other hand, bailout CEOs are still buying fancy corporate jets, spending millions to decorate their offices, and giving themselves huge bonuses for doing such a "great job". THAT is where some humility, belt tightening, and ego grinding is REALLY needed. The whole "executive" lifestyle needs a HUGE downgrade.

[rose-colored-coolaid]