AMERICANS love to spend. Retail therapy is a way of life. Shopping malls are the nation’s cathedrals in a country devoid of arts and culture, say snooty Europeans.
And it is true that, away from the big coastal cities where the galleries and theatres are worldclass, there’s often little to do but shop till you drop.
But the American consumer has been the driver behind a decade of economic growth that has brought prosperity to parts of the world that are just starting to catch a glimpse of western lifestyles. China’s industrial miracle would not be possible without the export boom to the US. Europe, too, benefits enormously from the US’ vast trade deficit as services as well as goods are sourced from abroad.
So as the US heads into what seems like an inevitable recession, those same critics of US shopping habits are now deeply concerned about whether American consumers will stop buying. Well, they already have. With the housing market slumping, so furniture and home furnishing stores are closing down.
But the majority of Americans will not suffer genuine hardship. They will just have to wait a bit longer for a new car. If the toaster breaks, they can always delve into the garage for the one they threw out a few months ago.
This is a land of plenty in terms of material wealth. If high street spending does collapse, the real victims will be those on the other side of the world who are laid-off as factory production lines close.
Yes, American obsession with possessions seems excessive. But that same passion has kept the global economy turning.
So perhaps we should be a little less critical of a country that has spread so much wealth around the planet.
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